Key points:
- Concord Wilshire Capital has acquired Grand Lucayan Resort and Reef Golf Course for $120m
- Total redevelopment costs are estimated at $827m, including a cruise port, casino, hotel, golf course and marina
- The project will retain all current employees and integrate with nearby Port Lucaya Marina and Marketplace
Concord Wilshire Capital (CWC) has completed the acquisition of the Grand Lucayan Resort and the 160-acre Reef Golf Course from the Government of The Bahamas for $120m, finalising a deal that will see the Grand Bahama property undergo extensive redevelopment.
The transaction was formalised during a signing ceremony at the resort on 14 May.
CWC’s redevelopment plan includes transforming the 56-acre beachfront site into a large-scale, mixed-use resort and walkable village.
Core elements of the plan feature a new 36-acre cruise port open to all cruise lines with a capacity of up to 10,000 passengers per day, a 25,000-square-foot standalone casino, a 350-key branded hotel with 120 residential and timeshare units and a Greg Norman-designed golf course.
Good to know: The full cost of the project is expected to reach $827m
In addition to new infrastructure, the project will incorporate existing assets in the area, including Port Lucaya Marina and Grand Bahama Yacht Club, through collaboration with Bahamaland Investments.
The Port Lucaya Marketplace, which spans 120,000 square feet, will also be integrated into the resort’s development plan.
According to officials from CWC, demolition and construction are expected to begin shortly and the company has committed to retaining the current resort workforce. The project is expected to generate employment across a range of sectors, including skilled trades and technology-related fields.
The redevelopment is part of a broader plan by the government to attract sustainable investment and boost local economic activity.
The Grand Lucayan redevelopment follows similar tourism-focused initiatives in The Bahamas, including Baha Mar’s expansion of sports and hospitality facilities in Nassau.
