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Breaking News:

Govt to Royal Oasis owners: status quo cannot remain the same

  • The Royal Oasis property. FILE


Published: Jul 07, 2017

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The government is dissatisfied with the situation at the Royal Oasis property in Grand Bahama, which remains closed following the passage of Hurricane Frances in 2004 and its purchase by Harcourt Development Group in 2007. It has made it clear to the development’s principals that the status quo cannot remain the same, according to Senator Kwasi Thompson, minister of state for Grand Bahama.

“I confirmed to them that this was a new government whose mandate was for change, which included the Royal Oasis property,” noted Thompson in a press statement released yesterday following a meeting with the property’s principals at his ministry’s offices in Freeport, Grand Bahama.

“I met with principals from the Harcourt Development Company, who are the owners of the Royal Oasis property. Harcourt has been an important partner in Grand Bahama.

“I communicated our distress and our strong desire to see a sale or injection of capital for development.”

Harcourt Development Group also expressed its commitment to its investment in Grand Bahama and a desire to see the Royal Oasis development move forward, noted Thompson.

“The government will be aggressive and proactive with its approach in this situation,” he stressed.

The 427-acre Royal Oasis resort was bought by Harcourt, based in Ireland, for $33 million, which includes the towers, a country club and casino. The 965 rooms do not include its 98 timeshare units.

 

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