The government of Grand Bahama announced Hong Kong conglomerate Hutchison Whampoa, owners of the Grand Lucayan strip hotel in Freeport, and Wynn Group Chief Executive Officer Paul Wynn recently signed a letter of intent. Wynn’s purchase of the hotel is expected to be completed by the end of February 2018. The renovation project will include 1,000 hotel rooms and create nearly 1,000 jobs.
In a statement, Bahamas Prime Minister Hubert Minnis said, “Over the past several months we have made positive steps to improve Grand Bahamas’ economy. However, the island’s recovery will not be complete until the full opening and development of the Our Lucayan strip properties. The government is very hopeful that this important formal step will lead to the full renovation, opening and redevelopment of the entire strip in early part of 2018, helping to bring much needed economic growth and jobs to Grand Bahama, which will also help to boost the national economy.”
Previously Wynn said he hoped to line up two different hotel operators for the project. He added the development will help create sustainability, boost visitor traffic and increase occupancy rates in the hotel area.
The Grand Lucayan closed last October due to damages resulting from Hurricane Matthew.
