Major Jockeying For Royal Oasis Deal

The principals of a joint venture group comprising Hotel Acquisitions Corporation and Prore Developers (both U.S.-based interests) have a meeting scheduled in Nassau at the end of the week, the Bahama Journal understands.

Bahamian architect Lawrence Chisholm is also affiliated with the group. The principals intend to meet with officials of Foxwoods Casinos, based in Connecticut.

But Jethro Miller, attorney for the joint-venture team, wished not to comment on the group’s reported casino partner, saying there were confidentiality agreements.

Mr. Miller, however, said, "We maintain the position that our proposal is a $40 million purchase. We’re not going to back away from that."

Mr. Miller, who spoke with The Bahama Journal on Tuesday, said, "We are still pursuing this and bringing to the table component parts of the whole project notwithstanding what the public may have been hearing otherwise."

Prime Minister Perry Christie said last year that the Irish-based Harcourt group was still in the race to purchase the property. The government had appeared supportive of Harcourt earlier in the year in 2006, but the group was pushed aside and Lehman Brothers – the mortgagee for the Royal Oasis – signed an agreement for sale with World Investment Holdings.

By the end of 2006, however, it became clear that WIH had not met the financial fitness requirement the prime minister had spoken of so frequently. Mr. Christie has also said the government wanted to ensure that the purchasing group had a major casino partner.

Mr. Christie continues to urge Grand Bahamians not to allow the health of their economy to be defined by the closed property, which has been out of operation for more than two years now.

The Royal Oasis has often been pointed to, however, as a symbol of the troubles that have plagued Grand Bahama’s economy over the last couple of the years.

Behind the scenes, government officials are still pushing to have a sale deal concluded.

The government’s chief negotiator Sir Baltron Bethel confirmed this when he spoke with The Bahama Journal on Tuesday.

"There is a developer that is pursuing the matter vigorously with Lehman," Sir Baltron said.

Asked what the timeline is to have the deal finalized, he said, "They’re making good progress. I suspect there will be a point of early completion."