The proposed heads of agreement (HOA) for the Grand Lucayan resort complex is currently under review by Cabinet, Deputy Prime Minister Peter Turnquest confirmed yesterday.
The review process is expected to be completed “shortly”, according to Turnquest. This marks one step further in the reopening of the resort.
The proposed HOA was received from prospective buyer Paul Wynn, who is the CEO of the Wynn Group (Canada). Wynn has been a forerunner in the deal.
Speaking with Guardian Business yesterday, Turnquest said the process to review the proposed HOA started late last week. “Hopefully we will be finished looking at that in the next week,” Turnquest noted.
Turnquest also said that the HOA will be made public once the deal is completed. “I am sure that all the relevant facts that do not impinge upon the competitive advantage or any other regulatory issues will be made available,” he said.
Government expects that the final process for Wynn to purchase the hotel will be completed between January and February 2018.
Preliminary estimates for renovations to reopen the Grand Lucayan resort complex could range between $30 million to $70 million, according to Guardian Business sources.
The cost to purchase the resort is an estimated $65 million. Its completion is expected to take place in phases.
Hong Kong-based conglomerate Hutchison Whampoa, the owner of the Grand Lucayan, signed a letter of intent (LOI) with the Wynn Group in the latter part of December 2017.
The resort has remained closed since October 2016.