HVS Capital Corporation recently announced the Grand Lucayan Resort complex in the Bahamas, including the Treasure Bay Casino, will be sold in a sealed bid auction. Sealed bids will be accepted until June 10, 2016. The resort’s assets can be bought in whole or part and there will be no reserve price, said HVS Capital’s Mike Sullivan. He added seller-provided purchase-money financing may be available to qualified buyers.
Owned by Cheung Kong Property Holdings Limited of Hong Kong, the 400-acre oceanfront Grand Lucayan, located 55 miles from Florida, is the third-largest resort in the Bahamas and the largest on Grand Bahama Island. “There are a number of investment opportunities for an interested buyer, from purchasing the resort in its entirety or looking at individual components. Some of those options include expanding and/or relocating the casino, converting additional accommodations to an all-inclusive product or converting some accommodations to vacation or whole ownership,” Sullivan said.
Resort amenities include 40,000 square foot conference space including a 15,000 square foot ballroom, 50,000 square feet of outdoor function space, a 25,000 square foot destination spa and fitness center, a Robert Trent Jones Jr. and Reef golf courses), four tennis courts and 15,000 square feet of retail space. The 23,375 square foot casino offers 195 slot machines and 25 gaming tables.
The resort complex offers 1,271 guestrooms including 198 all-inclusive rooms plus 23 lanai suites, as well as three swimming pools and 12 dining options. The 522-room Memories Beach Resort currently is leased to a third-party.
Stan Kozlowski of HVS Capital noted despite the unfavorable publicity generated by the struggling Baha Mar resort, “We see significantly more favorable economic investment opportunities for Grand Lucayan.”
