Grand Bahama resort sold to Bahamas government by Chinese firm
In a letter addressed to the staff members of the Grand Lucayan Resort in Grand Bahama, Hutchison Whampoa (HW) director, P.C. Koh, disclosed that the deal between Hong Kong-based HW and the government of The Bahamas for the latter to purchase the hotel can be confirmed and was made affective on September 11, 2018.
The letter, which was addressed to staff members only, was dated September 10 and outlined what this sale means to the staff members at the Grand Lucayan. Notably, the terms and conditions of staff employment will be unchanged under the special purpose vehicle (SPV) that will be operating the resort on behalf of the government, Lucayan Renewal Holdings Limited.