Concord Wilshire Capital finalizes $120M acquisition of Grand Lucayan Resort in Grand Bahama

U.S.-based developer Concord Wilshire Capital (CWC) has completed its $120 million purchase of the Grand Lucayan Resort and adjacent Reef Golf Course in Grand Bahama, paving the way for an $827 million redevelopment of the iconic beachfront property.

The acquisition, which includes 56 acres of oceanfront land and a 160-acre golf course, was finalized during a signing ceremony held on the resort grounds. CWC's ambitious plans aim to transform the site into a mixed-use village resort, including a 36-acre cruise ship destination capable of hosting 10,000 passengers daily, a 25,000-square-foot casino, and a Greg Norman-designed championship golf course.

“Today, I believe we will long be remembered as pivotal for the people of Grand Bahama. It’s time to turn the page on hardship, to leave heartbreak behind,” said Bahamian Prime Minister Philip Davis, who presided over the Heads of Agreement ceremony with CWC on May 15.

The redevelopment, which includes a branded hotel with 350 keys, 120 residential and timeshare units, and an 18-slip mega-yacht marina, is expected to create more than 1,300 jobs during construction and 1,750 permanent positions once operational. Davis emphasized that 80% of these roles must go to Bahamians.

“That’s not just a condition — it’s a conviction,” Davis said. “Thousands of Bahamians will have an opportunity to earn, to grow, and to build a future for themselves and their families, right here at home.”

The project will also integrate the Port Lucaya Marina, Grand Bahama Yacht Club, and the 120,000-square-foot Port Lucaya Marketplace into its footprint, expanding access to local retail and cultural offerings.

CWC President Nate Sirang said the redevelopment will reestablish Grand Bahama as a regional tourism hub. “By reimagining and redeveloping this entire resort, we're not just creating a destination, but we're reigniting tourism, generating local jobs, fueling the local economy and crafting a legacy that both the government and community can proudly call their own," Sirang stated.

Demolition of the existing structures is set to begin immediately, paving the way for the construction phase. The cruise destination, open to all cruise lines, will include themed zones with beach clubs, dining venues, and family attractions.

“This phase creates good jobs for the island by directly employing a vast workforce across various roles and indirectly supporting numerous related industries,” said Adam Petrillo, Senior Managing Director of Cruise Ship Resorts at CWC. “The project plans to retain all of the current employees of the existing Lucayan Resort.”

The investment will be financed in a modular approach, with each component of the resort partnered with a specific brand, according to Richard Bosworth, a board member of CWC’s Lucayan Resort and Gaming Platform. “Every element of this resort is being financed independently of the other elements, and each is coupled with a select branding partner to ensure long-term sustainability and growth," he said.

Local stakeholders also voiced support. “We are excited to be a part of the rebirth and transformation of the Grand Lucayan Resort into a vibrant village resort with a sense of place,” said Peter Hunt, Principal of Port Lucaya Marketplace.

CWC board member and counsel Thomas Dean said: “We join the voices of the people of The Bahama, especially Grand Bahama, in welcoming and supporting CWC for its vision in creating what will be an adventure and experience like no other.”

Prime Minister Davis said the project is part of a broader, integrated strategy for Grand Bahama’s recovery: “What we’re building here at the Grand Lucayan is not a stand-alone project — it’s part of a wider, more connected vision for Grand Bahama.

“Jobs, infrastructure, healthcare, opportunity, and most of all – dignity. That’s what matters. That’s what lasts,” he said.