HVS Capital Corp. has just announced that the Grand Lucayan Resort complex, which includes the Treasure Bay Casino is to be sold in a Sealed Bid Auction. The assets can be purchased in whole or in part and there is no reserve price, meaning the top dollar bid for any element can become the winning bid. The Grand Lucayan is the third largest resort in The Bahamas and the largest on Grand Bahama Island, covering more than 400 acres. The property is owned by Cheung Kong Property Holdings Limited of Hong Kong, who prefer to sell the iconic resort in whole. Sealed bids will be accepted until June 10, 2016. HVS Capital said in a statement today that “seller-provided purchase-money financing” may be available to qualified buyers.
“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.”
The resort complex is located 55 miles from Florida and offers four separate price points and accommodation experiences totaling 1,271 guestrooms including 198 all-inclusive rooms at Lighthouse Pointe, and 23 Lanai Suites. The hotel is serviced by three swimming pools, 12 food and beverage outlets, a 23,375 square foot casino in a free-standing building, and the 522-room Memories Beach Resort which is currently leased to a third-party.
Stan Kozlowski of HVS Capital Corp. lamented the bad press generated of late by the beleaguered Baha Mar resort and remarked that, regardless of the options a potential buyer may choose, “we see significantly more favorable economic investment opportunities for Grand Lucayan,” said Kozlowski.
Amenities at the 406 acre oceanfront resort include 40,000 sq ft of interior conference space (including a 15,000 ballroom) and 50,000 sq ft of outdoor function space – the casino currently offering 195 slot machines and 25 gaming tables – a 25,000 sq ft destination spa and fitness center – two golf courses (Robert Trent Jones, Jr. & Reef Golf Courses) – four tennis courts with various surfaces, and about 15,000 sq ft of retail space.
Details on the Grand Lucayan Resort including the Sealed Bid Auction are available at grandlucayanauction.com. Qualified readers interested in other potential casino investments in the region and elsewhere can view about 50 properties on the World Casino Directory casino cut sheet.