The price for Grand Lucayan Resort is $65m.
Theme park and five-star hotel
The redevelopment project will include a theme park and a five-star hotel, according to Kwasi Thompson, minister of state for Grand Bahama.
An expansion and improvement of Freeport's cruise berths is also anticpated, as earlier reported.
The development is expected to take 24 months to 36 months. An additional 2m tourists are projected following completion.
On hand for the signing were ITM Group CEO Mauricio Hamui and Royal Caribbean's Russell Benford, VP government relations, Americas.