Grand Lucayan Resort set to be transformed into cruise destination

Real estate firm Concord Wilshire Capital (CWC) has purchased the Grand Lucayan Resort on Grand Bahama Island from the Bahamian government for $120 million and plans to undertake an $827 million redevelopment of the property.

The purchase includes a 56-acre beachfront resort and 160-acre Reef Golf Course, according to a press release.

The transaction, which closed during a signing ceremony on the property on May 15, paves the way for the rebirth of one of Grand Bahama’s most iconic properties.

CWC plans to transform the resort into a 36-acre "cruise ship destination resort" open to all cruise lines, with a capacity for 10,000 passengers per day.

The redevelopment will also be home to a 25,000-square-foot, free-standing, indoor and poolside casino; a branded hotel and residential resort containing 350 hotel-keys and 120 residential and timeshare units; a 160-acre new Greg Norman Championship Signature Golf Course; and an 18-slip mega yacht marina.

Local residents, cruise ship passengers and international visitors of the new Grand Lucayan Resort will be able to access the project by sea or air transportation, the company said.

“By reimagining and redeveloping this entire resort, we're not just creating a destination, but we're reigniting tourism, generating local jobs, fueling the local economy and crafting a legacy that both the government and community can proudly call their own. We are also proud to be working with Bahamaland Investments, which is acquiring Port Lucaya Marina and Grand Bahama Yacht Club, to integrate these facilities and the existing Port Lucaya Marketplace, containing 120,000 square feet of local authentic shops, into this unique mixed-use resort and village,” said Nate Sirang, president of CWC, in a statement.

Additionally, Concord Wilshire Capital is working with Bahamaland Investments to integrate several neighbouring sites – including the Port Lucaya Marina, the Grand Bahama Yacht Club and the Port Lucaya Marketplace – into the project.

Adam Petrillo, senior managing director of cruise ship resorts for CWC, said construction will start “very soon, starting with demolition of the current site.”

“This phase creates good jobs for the island by directly employing a vast workforce across various roles and indirectly supporting numerous related industries, as well as creating opportunities for both skilled trades and new technology-related jobs. Additionally, the project plans to retain all of the current employees of the existing Lucayan Resort,” Petrillo said.

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