FREEPORT, GRAND BAHAMA — The Grand Lucayan in The Bahamas has been sold and is expected to make a complete transformation following a renovation worth hundreds of millions of dollars.

The Government of The Bahamas signed the deal with Royal Caribbean International and Bahamas Port Investments (ITM) during a signing ceremony held earlier this week on the resort’s Great Lawn.

The island’s Prime Minister, Hubert Minnis, described the day as a wonderful one, as the government’s intention was never to hold on to the property, but initially purchased it to save local jobs and businesses.

“We wanted to ensure that we found the right buyer who shared our vision for the renewal of Grand Bahama,” he said. “Our vision was the renewal and rebirth of Grand Bahama’s tourism sector and product as an essential element in the restoration of this island’s potential.”

The deal will result in a total revitalization of the Grand Lucayan, which will see hundreds of millions of dollars being invested to refurbish and reconstruct 500 rooms in Phase One, and another 500 rooms and 500 villas in Phase Two. Additional features will include a new casino, water theme park, a restaurant and a retail centre.

In addition, a new cruise port will be built in the Freeport Harbour to accommodate three ships in Phase One, and up to seven ships in subsequent phases.