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Royal Oasis Sold21 August 2006GRAND BAHAMA – As reported by the Freeport News: "Former workers at the Crowne Plaza Golf Resort and Casino at the Royal Oasis will get first pick at employment when the property reopens and government is expected to make an official announcement of the long-awaited sale this week. "The resort property is inclusive of a Towers, Country Club and Casino amounting to 965 rooms and 98 timeshare units which shut down in September 2004 after Hurricane Frances, forcing the lay offs of some 1,300 employees. "World Investments Holdings (WIH) signed a contract with Lehman Brothers, the financiers of the resort, on Monday for the purchase and a subsequent contract — the foundation of the sale — was concluded on Tuesday. "…A second bidder, Harcourt Developments, a property construction and management company based in Dublin, Ireland, was also vying for the property. "…In May 2005, government paid out an unprecedented $5 million of the $6.12 million to 900 displaced workers owed by the resort, the second largest in Grand Bahama. "…It is expected that the towers and the casino will reopen first and, government wants that to happen as quickly as possible…" |