Partnership Between Royal Cribbean and ITM Acquire Grand Lucayan in The Bahamas

March 4, 2020

FREEPORT, Grand Bahama, March 4, 2020 -- The Government of The Bahamas sold the Grand Lucayan on Monday, March 2, 2020 to a partnership between Royal Caribbean International and ITM (Bahamas Port Investments Ltd.), which is expected to make a $250 million investment between the hotel and the redevelopment of the cruise port. The Heads of Agreement Signing Ceremony was held on the Great Lawn of the property, some 11 months following the signing of the Letter of Intent on Wednesday, March 27, 2019. Prime Minister of The Bahamas, the Most Hon. Dr. Hubert Minnis, described the day as a wonderful one as the government's intention was never t...