Three years after the Royal Oasis Resort was closed following damage suffered in Hurricane Frances, Harcourt Development Company announced on Thursday that it has completed the purchase of the Freeport property.
Harcourt, an Irish development company, said it completed the purchase after "a long negotiation process" and is eager to move ahead with its plans for the resort.
"The Royal Oasis represents a major expansion of Harcourt’s interests in Grand Bahama and reflects their commitment to the island," Harcourt said in a press release.
"The total investment will be in the region of $400 million."
The company said it intends to make significant capital investment in order to improve the hotel and facilities at the Royal Oasis and create a high quality tourist destination.
"When reopened, the resort will bring major benefits to the local area through increased tourism and employment," Harcourt said.
"Harcourt is currently finalizing a deal with a major international casino and hotel operator to run the resort. Once extended and renovated the resort will be home to a new hotel, casino, convention/meeting facilities, spa, fitness centre, food and beverage, retail, recreation and a host of other amenities. The golf courses will also be restored to their former glory."
Harcourt also said in its press release that it is estimated that up to 1,000 people will eventually be employed across many varied disciplines to construct, refurbish, manage and operate the resort.
More than 1,000 people lost their job when the Royal Oasis closed in 2004. The closed property had become a symbol of the economic hardships that were evident in Grand Bahama.
Only recently, Prime Minister Hubert Ingraham assured that his government was moving to fix the island’s economy.
In April, then prime minister, Perry Christie, confirmed that the Harcourt group had signed a deal to purchase the resort.
With its headquarters in Dublin, Ireland, Harcourt Developments has been involved in the Caribbean for many years, the company said in its release.
Most notable is its luxury hotel development of Carlisle Bay in Antigua. The company also owns multiple sites in Bahamia.
The resort was being sold for $33 million, parties involved told the Journal earlier this year.
This wasn’t the first sale deal signed for the property since it was closed.
Last August, World Investments Holdings signed a sale agreement with Lehman Brothers, the resort’s mortgagee.
But by the end of 2006, it had become clear that the group was unable to prove its financial fitness.
It was at that point that Harcourt came back in the picture.
Nearly two weeks ago, Prime Minister Ingraham said he was going to allow the announcements about the Royal Oasis to be made by the people who are "intending to become the new owners."
"We are not going to be a mouthpiece for any developer," he said.
"Those who want to tell the Bahamian public something they will speak for themselves. We are doing what we are supposed to be doing to prepare ourselves in the event of them living up to what they say they are going to do. In the case of paying the workers, we are going to cause the workers to be paid independently of whether or not they carryon. I would not be surprised if they make announcements not long from now."
Mr. Ingraham said the government would cause to be paid millions of dollars in severance payments owed to displaced Royal Oasis Resort workers.
In its release on Thursday, Harcourt said it is one of Ireland’s most successful privately owned property development companies.
It is reportedly involved in a diverse range of projects across the globe from Latvia to Las Vegas.
Projects include a business park in Latvia, an international financial services centre in the Channel Islands, the largest chain of shopping centres in Ireland, the Titanic Quarter waterfront development in Belfast, Northern Ireland and an entire residential village in Las Vegas, among others. |
