Electra America Hospitality Group (EAHG) has entered into an agreement with Lucayan Renewal Holdings to buy the resort for $100 million.

CEO and Principal of Electra America Hospitality Group Russell Urban said the company was very interested in the resort for many reasons, among them is the "opportunity to reinvent, renaissance, rebirth, and revive" the island of Grand Bahama. "We saw this as a very unique opportunity in a world class location to create energy and to revive a community that has been so ravaged over recent years," he said. "So, we are very very pleased and humbled to be chosen for this amazing opportunity."

The deal is a part of an initiative called "The Return of the Grand Life to Grand Bahama," which seeks to re-establish the destination as the vibrant entertainment hub it once was.

"The sale of Grand Lucayan is only the beginning of the revival that we are witnessing in Grand Bahama Island," said the Honourable I. Chester Cooper, Deputy Prime Minister and Minister of Tourism, Investments & Aviation. "We are committed to pumping a renewed spirit back into this special island, while bringing thousands of jobs to Bahamians."

Minister for Grand Bahama the Honourable Ginger Moxey also applauded the choice of Electra America Hospitality Group as the right fit for Grand Bahama. "They recognize the role of corporate citizens, and the need for a holistic approach to enhancing communities where they do business, and appreciate the significance of this property to the people and economy of Grand Bahama," she said.

With nearly $300 million in renovations planned, the new-and-improved Grand Lucayan will be transformed into an environmentally sustainable luxury hotel with approximately 200 rooms and 24 villas; an upscale convention-style hotel with more than 500 rooms that will cater to meetings, groups, and incentive travellers; as well as a family-friendly resort. To become environmentally sustainable, the property will utilise solar energy, establish a recycling program, and plant a garden to supply farm-to-table dining.

Electra America Hospitality Group also plans on revitalizing the resort's golf course by adding a country club and villas for golf aficionados. A casino, world-class bars and restaurants, as well as a variety of pools, spas, and fitness facilities are also in the works, Bahamian art, culture, and entertainment will be infused throughout.

Construction is set to begin this summer and will be completed by 2025.