FREEPORT, Bahamas – HVS Capital Corporation today announced 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. 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, 2016 .
“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 , 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 food and beverage outlets and three swimming pools; plus the 522-room Memories Beach Resort (presently leased to a third-party operator).
“Baha Mar has garnered so much negative resort news for the Bahamas recently,” remarked Stan Kozlowski , 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.”
Other amenities include:
• Conference Center (40,000 sq. ft.), including a 15,000 sq. ft. ballroom, 16 breakout rooms, plus 50,000 sq. ft. of outdoor function space.
• Casino (23,375 sq. ft.) with 25 gaming tables, 195 slot machines,
• Destination Spa and fitness center (25,000 sq. ft.)
• Two golf courses, including the Robert Trent Jones, Jr., Reef Golf Course
• Four multi-surfaced tennis courts
• Approximately 15,000 sq. ft. of retail space