FREEPORT, BAHAMAS—HVS Capital Corp. revealed that the Grand Lucayan Resort complex is being sold in a sealed bid auction. The 409-acre resort is the largest on Grand Bahama Island and the third largest in The Bahamas, according to the company.
The owner, a subsidiary of Hong Kong-based Cheung Kong Property Holdings Limited, has engaged HVS Capital Corp. to act as advisor in the sale. The seller’s preference is to sell the Grand Lucayan Resort complex as a single transaction. However, bids for individual assets will be considered. There is no reserve price. Additionally, seller-provided purchase-money financing may be available to appropriate bidders. The deadline for submitting bids is June 10.
“There are a number of investment opportunities for an interested buyer, from purchasing the resort in its entirety or looking at individual components,” said Mike Sullivan, director, HVS Capital Corp. “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.”
Located 55 miles from the east coast of Florida, the Grand Lucayan Resort complex, totaling 1,271 guestrooms, includes four hotel elements: the 10-story 528-room Breaker’s Cay tower; 198-room Lighthouse Pointe, newly renovated as all-inclusive; and 23 Lanai Suites—all with 12 F&B outlets and three swimming pools; plus the 522-room Memories Beach Resort, which is leased to a third-party operator.
“Baha Mar has garnered so much negative resort news for the Bahamas recently,” remarked Stan Kozlowski, director, HVS Capital Corp. “Unlike that situation, we see significantly more favorable economic investment opportunities for Grand Lucayan, no matter what options a potential buyer may consider.”