Concord Wilshire Capital has acquired the Grand Lucayan Resort in Grand Bahama for $120 million and revealed plans for a major redevelopment.
The property was acquired from the Bahamian government, including the 56-acre beachfront resort and 160-acre Reef Golf Course. With a total estimated cost of approximately $827 million for the redevelopment, Miami-based CWC has formed a strategic alliance with established brands as part of an effort to repurpose the Grand Lucayan Resort into a mixed-use destination resort and walkable village that will be home to a 36-acre cruise ship destination resort.
The redevelopment will also include a 25,000-square-foot, free-standing, indoor and poolside casino; a branded hotel and residential resort with 350 hotel keys and 120 residential and timeshare units; a 160-acre new Greg Norman Championship Signature Golf Course; and an 18-slip mega yacht marina, according to the company.
Besides the casino and golf course, other expected amenities will include a water park, residential and timeshare resort, dive and fishing charters, excursions and boat rentals.
“By reimagining and redeveloping this entire resort, we're not just creating a destination, but we're reigniting tourism, generating local jobs, fueling the local economy and crafting a legacy that both the government and community can proudly call their own. We are also proud to be working with Bahamaland Investments, which is acquiring Port Lucaya Marina and Grand Bahama Yacht Club, to integrate these facilities and the existing Port Lucaya Marketplace, containing 120,000 square feet of local authentic shops, into this unique mixed-use resort and village,” Nate Sirang, president of CWC, said in a statement.
“We are excited to be a part of the rebirth and transformation of the Grand Lucayan Resort into a vibrant village resort with a sense of place that will enhance Grand Bahama and the Port Lucaya Marketplace,” said Peter Hunt, principal and managing director of Port Lucaya Marketplace.