Grand Lucayan Resort will be redeveloped into a cruise destination
The Grand Lucayan Resort on Grand Bahama Island will undergo an $827 million redevelopment, following real estate investment firm Concord Wilshire Capital's $120 million purchase of the property from the Bahamian government.
The acquisition, which includes the 56-acre beachfront resort and its adjacent 160-acre Reef Golf Course, was finalized on May 15.
Concord Wilshire Capital said it plans to transform the Grand Lucayan Resort into a 36-acre "cruise ship destination resort" open to all cruise lines, with a capacity for 10,000 passengers per day.
The project will also feature a 25,000-square-foot casino, a branded hotel complex with 350 guestrooms and 120 residential and timeshare units, a new Greg Norman-designed golf course, a water park and an 18-slip marina.
Additionally, Concord Wilshire Capital is working with Bahamaland Investments to integrate several neighboring sites -- including the Port Lucaya Marina, the Grand Bahama Yacht Club and the Port Lucaya Marketplace -- into its redevelopment plan.
According to Adam Petrillo, senior managing director of cruise ship resorts for Concord Wilshire Capital, construction is scheduled to start "very soon," following demolition of the current structure.
He added that "the project plans to retain all of the current employees of the existing Lucayan Resort."
The Grand Lucayan Resort has undergone several name changes since its debut in 1999.
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