The Chairman and Directors of Lucayan Renewal Holdings, the Special Purpose Vehicle (SPV) created for the purchase of the Grand Lucayan Resort, met officially with the management, staff and unions of that resort today. The Board gave the assurance that the staff would not be prejudiced in any way and that they would have the option to volunteer for separation packages at the appropriate time.
The SPV and its Board assumed operational control and management of the Resort at the request of Hutchison in the early hours of the 11th of September 2018. During the meetings participants were informed that the SPV, will take over officially, upon the closing set for September 21st, 2018 following the approval of the Resolution to guarantee the mortgage, when the House of Assembly resumes its sitting on September 19th, 2018.
“Breathing new life into Grand Bahama’s economy and increasing the rate of employment is totally the motivation behind the acquisition of this property,” said Michael Scott, Chairman of Lucayan Renewal Holdings and the Hotel Corporation of The Bahamas.
The Chairman stated that the Government did not want to own or operate the hotel for any length of time, but would rather work closely with the private sector and investors to reboot the economy as it did not want a repeat of the scabrous example of the International Bazaar. Therefore, the Board will work with international agencies to properly screen potential investors, a process that is intended to take about three to six months.
Both unions pledged to work in support of the Board to achieve their mutual goals.
