Concord Wilshire Capital acquires Grand Bahama resort for $120M
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 Dennis Nessler