Everyone agrees it is critical to restore economic growth, not only for Grand Bahama, but the entire country, however, a takeover of the hotel is not the approach.
Help find a buyer? Sure.
Make your discussions with the present owner public? Sure.
Reveal the reason(s) why the owner says they won't/can't reopen?
Encourage AirBnB type services in Grand Bahama so tourists have places to stay? For sure.
Put the current owner into receivership like the PLP did Baha Mar? Maybe that's an option depending on what it revealed.
Act as borrower or guarantor of last resort? Possibly, but the Government is not good at assessing credit risk.
Options are limited, but the government is mistaken to think it can remain an impartial spectator if they buy in. In an environment where you want to encourage investment by locals and foreigners alike it seems a forced acquisition should not even be a consideration.
The real danger with getting back involved with a Hotel Corporation type arrangement is there is no escape valve. If the Grand Bahama economy does not turn around as hoped the Government will not have the financial wherewithal to sustain the hotel but will see themselves as having to no matter the cost.
They sit on the horns of a dilemma.
