The Bahamas Ministry of Tourism, Investments, and Aviation (BMOTIA) has publicly approved Electra America Hospitality Group's purchase offer for the beachside resort Grand Lucayan, according to a BMOTIA press release.
EAHG has agreed to buy the Freeport-based resort from Lucayan Renewal Holdings for $100 million.
"They recognize the role of corporate citizens and the need for a holistic approach to enhancing communities where they do business and appreciate the significance of this property to the people and economy of Grand Bahama," Ginger Moxey, Minister for Grand Bahama stated.
The press release states that EAHG's goal to "revitalize" Grand Bahama Island was the driving force behind the purchase of the resort.
"The sale of Grand Lucayan is only the beginning of the revival that we are witnessing in Grand Bahama Island," Chester Cooper, Deputy Prime Minister and Minister of Tourism, Investments & Aviation, said, "We are committed to pumping a renewed spirit back into this special island while bringing thousands of jobs to Bahamians."
EAHG intends to launch a program titled "The Return of the Grand Life to Grand Bahama" to achieve its goal.
"We saw this as a very unique opportunity in a world-class location to create energy and to revive a community that has been so ravaged over recent years," Russell Urban, EAHG CEO and Principal stated, So, we are very very pleased and humbled to be chosen for this amazing opportunity."
Additionally, EAHG intends to develop Grand Lucayan into an ecologically friendly luxury hotel with roughly 200 rooms, 24 villas and a convention-style hotel with over 500 rooms.
In addition to being a family-friendly resort, this luxury hotel will accommodate conventions, groups, and incentive travelers.
The site will use solar energy, implement a recycling program and develop a farm-to-table garden.