Old Bahama Bay owners clarify the situation on land ownership and responsibilities in West End developments
By Keen i Media Ltd
Nov 10, 2011 - 2:58:39 PM
WEST END, Grand Bahama Island —
Seeing tremendous growth and development potential, the resort property
owner and developer in West End, Grand
Bahama, Lubert Adler’s
resort (OBB Resort) property continues to lay the groundwork
for productive and effective relationships with key stakeholders in the
Photo: Keen i Media
Properties surrounding some of those owned by OBB Resort
have been the focus of recent foreclosure actions, primarily those
residential properties now under control of G-LA Resorts Holdings
(Bahamas), Limited. The OBB Resort properties have been unaffected by
these actions, as they were outside of the loan default that caused the
residential sectors to be recently transferred to new owners.
Resort is the owner of 225 acres of the prime resort and commercial
property in West End. The new golf course property is also part of the
OBB Resort land, adding another 294 acres to their total resources.
Senior Project Manager Derek Gape explained where the OBB Resort sectors lie: “The familiar
resort property, including the water and sewerage systems, marina, and
running along the north shore to the West End settlement, all of the
new golf course which surrounds the airport and extends along the new
canal systems, and the large central future resort land that includes a
stretch of prime beach. This last portion,” Mr Gape said, “is the image
that so many people have seen in artist renditions of the high-rise
hotel, casino and commercial development planned for that area.”
the OBB Resort property may be smaller in total acreage than that of
its neighbours, its significance and potential is tremendous.
“The primary high value portions of the entire development area are where our attention is focused,” Mr Gape said. “With the
hotel and marina as the existing anchor property, we are working to
extend that success along the north shore beach land. That’s the natural
and obvious path of progression for the property,” Gape explained.
The project manager emphasized the importance of
Bay as the central hub of the resort areas. “Many people see
as just a small hotel out here in West End, and certainly it has proven
to be a very desirable getaway in a natural setting for the boating and
yachting people looking for a tranquil retreat.” But, Mr Gape said,
Bay is not only a resort destination, but is the gateway to the future of all of the development going on there.
Commenting on the entities involved, Mr Gape explained: “Lubert Adler and
have teamed up with The Crave Group, which is an established real
estate investment, management, and development firm based in Montreal,
Canada. Their expertise in moving this project forward, especially as
guardians and administrators of the entire master plan, has been and
will continue to be instrumental in moving the entire development
President and CEO of The Crave Group Lorne Bassel said
that the West End region is now a community of developers, not just a
single entity. “What that means is that present and future property
owners can take comfort in the diversity of expertise and the
concentration of focus,” Mr Bassel said. “We’re happy to see other
developers and investors involved. Anyone who understands this industry
knows that having more participation from distinct contributors is
beneficial to the entire effort, especially in today’s market.”
Bassel is a guest panelist at the Caribbean Hotel Investment Conference
and Operations Summit that will be held this week at Atlantis, Paradise
Island, where he will discuss
Bay and the future of Caribbean development.
has responsibility for the peripheral lands around much of the OBB
Resorts-controlled golf course and resort hub. Rather than viewing these
delineations as competitive, Mr Bassel stated that his team understands
the importance of working together. “We know that the G-LA group has
been on the ground assessing the properties and appear to be laying
their plans for action, and we’re excited to see some movement there,”
Mr Bassel said.
OBB Resorts already has an effective working
relationship with the WERL (West End Resort Limited) Group, which owns
property in the Pine Island and Isles subdivision, and the condominium
owners in the
facility. Mr. Bassel noted that allowing each of the stakeholders the
opportunity to manage their own areas of responsibility is critical to
the success of the projects on the table.
“This new community
structure allows all other stakeholders to assume control of their lands
rather than rely on one company for all services,” Mr Bassel stated.
“Many resorts have moved away from a ‘one ownership’ structure and
become extremely successful. There are simply more people to carry the
The investment executive said that he knows statements
made in recent press articles created some confusion, and while that can
cause uncertainty among investors and the general public, he is
confident that the OBB Resort group’s continued involvement will bring
clarity and stability to the situation.
Newspapers in the Bahamas mistakenly ran photographs of the
Bay property alongside articles about the G-LA Resort Holdings (Bahamas), Limited and Credit Suisse companies, when in fact the
Bay resort is not owned by or affected by the lender groups.
like the rest of the Caribbean region, it’s time to re-invent ourselves
to fully grasp this opportunity,” Mr Bassel said. “Coming together
to unlock the great potential of this project is now our primary focus.”
© Copyright 2011 by thebahamasweekly.com -