THIS WEEK IN THE BAHAMAS BY ELCOTT COLEBY 14 – 18 NOVEMBER 2016

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Prime Minister Christie: Freeport hotel properties up for sale.
During his address on Monday at the 2016 Bahamas Institute of Chartered Accountants (BICA) Accountants Week here in Nassau, Prime Minister the Rt. Hon. Perry G. Christie reiterated the role of accountants in safeguarding the country’s economy, but in the margins he gave reporters an update on the progress being made in Freeport pursuant to his government’s latest suite of initiatives designed to rebuild the beleaguered economy of the second city.

In addition to the continuation of specific tax concessions relative to income and real property, the Prime Minister’s vision for the future growth and development of Grand Bahama called for new leadership in the tourism sector; capital injection and new ownership at the Grand Bahama Port Authority (GBPA); and a new governance regime for the port and its licensees.

At the conference Mr. Christie specifically addressed the island’s tourism sector.

“Hutchison has been amenable to people who have offered to purchase, and I think they are in the process of determining whether they can get value for the properties they own” said the Prime Minister.

The hotel properties owned by Hutchison Whampoa that are up for sale are the Light House Pointe, the Grand Lucayan Beach and Golf Resort and Memories Grand Bahama Beach and Casino Resort. He also said that negotiations are at the “advanced stage with prospective hotel casino, airline and tour operator interests for the acquisition and operation of major hotel assets in Lucaya.”

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