The Bahamas Weekly Facebook The Bahamas Weekly Twitter
News : International Last Updated: Dec 5, 2014 - 10:25:14 PM


Baha Mar Resorts, Ltd. signs agreement to build multi-billion dollar Baha Mar Resort on Nassau’s famed Cable Beach
By Rosalie Hagel / Robert Sands
Mar 31, 2010 - 10:22:55 AM

Email this article
 Printer friendly page
BahaMar1_1.jpg
Baha Mar Resorts, Ltd. signs agreements with Export-Import Bank of China and China State Construction and Engineering Corporation to build multi-billion dollar Baha Mar Resort on Nassau’s famed Cable Beach (l. to r.): Export-Import Bank of China Vice President, Mr. Li Jun; Baha Mar Resorts’ Chairman and CEO, Mr. Sarkis Izmirlian; and China State Construction and Engineering Corporation’s Vice President, Mr. Liu Jinzhang.

Miami, FL - Baha Mar Resorts, Ltd. announced today that it has signed formal Facility and Investor agreements with Export-Import Bank of China and China State Construction and Engineering Corporation for the development of the multi-billion dollar Baha Mar Resort on Nassau’s famed Cable Beach.

The agreements include financing arrangements of $2.5 billion by Export-Import Bank of China, with construction accords designating China State Construction and Engineering Corporation as the project’s general contractor; and an investor agreement between Baha Mar and China State Construction, which will assume a minority equity interest.  Baha Mar is an unprecedented resort development in The Bahamas that captures the true spirit of the island and the region, while bringing together the most prestigious collection of hospitality brands in the world to create a leading resort destination.   

The agreements were signed by Baha Mar Resorts’ Chairman and CEO, Mr. Sarkis Izmirlian; Export-Import Bank of China Vice President, Mr. Li Jun; and China State Construction and Engineering Corporation’s Vice President, Mr. Liu Jinzhang, at a private signing event in Miami held on Tuesday, March 30 and attended by representatives from all three parties.  These agreements bring to closure a series of discussions and negotiations between Baha Mar and both Chinese partners from the banking institution and state-owned construction corporation that began in April 2008.

Sarkis Izmirlian, Baha Mar Resorts’ Chairman and CEO, stated, “Financing for mega hotel and resort developments of this size, scale and scope are extremely rare, particularly in today’s economic environment, making today’s signing truly historic for all parties, including The Bahamas, while serving as a promising indicator for the travel industry and its future.  We look forward to working with our Chinese partners to realize the vision for this first-in-the-world resort concept, and thank the Bahamian government as well for their unceasing support.”

Added Mr. Izmirlian, “These agreements mark a critically important day for the Commonwealth of The Bahamas. The Baha Mar project will be a great economic boost to The Bahamas. The creation of this unique resort will provide jobs, enhanced revenues, improved skill sets, and enhanced infrastructure. It represents a primary stimulus to help bring The Bahamas out of the recession and create better lives for thousands of Bahamians.”

In addition to sharing in the vision for the resort, Baha Mar’s Chinese partners expect the project will help to establish their presence in the North American and Caribbean markets, while showcasing their construction and development capabilities.

The 1,000-acre Baha Mar project is set to break ground later this year, with the construction start date subject to approvals by the governments of The Bahamas, and the People’s Republic of China.  Baha Mar represents the largest single-phase hospitality investment in the Caribbean and a one-of-a-kind destination resort experience in its operation, range of top-shelf accommodations, services and amenities, and true-to-The Bahamas setting and design.

Plans for Baha Mar’s first phase include approximately 3,000 rooms; a 100,000 square foot casino; two signature spas and a third world-class destination spa; an 18-hole championship Jack Nicklaus Signature Golf Course; 200,000 square feet of meeting space; 3,000 feet of continuous beachfront; a 20-acre beach and pool experience; and a 35,000 square foot retail village with upscale shopping, chef-branded restaurants, and entertainment venues.

Scheduled for completion in late 2013, it is expected that Baha Mar will create over 8,000 new jobs for Bahamian workers across all sectors of the hospitality industry.  In addition, Baha Mar Resorts has re-affirmed its commitment to hire as many qualified Bahamians as possible to work on the project during its construction phase. Baha Mar is projected to generate 2.3 million annual visitor  room nights; inject $1.1 billion in spending and direct taxes into the Bahamian economy in the first year of operation; and generate an additional $740 million, or a 10% increase, to the current GDP of The Bahamas.

Baha Mar Resorts Ltd. is headquartered in Nassau.
Baha Mar Resorts Ltd. is headquartered in Nassau. www.bahamar.com.


Bookmark and Share


© Copyright 2010 by thebahamasweekly.com

Top of Page

International
Latest Headlines
NASA to Observe Day of Remembrance
Fostering a Cleaner and More Sustainable Energy Future in the Caribbean
OAS Launches Small Business Development Center Model in Jamaica
Civil rights leader to Play Mas in The Bahamas during the inaugural Junkanoo Carnival
Miss Universe Bahamas shines during preliminary event
Bahamas hosts retreat for CARICOM ambassadors
Applications open for 2015 Caribbean-Canada Emerging Leaders’ Dialogue
Quotable Caribbean: Kenneth Mapp, Obie Wilchcombe, Christopher James and more...
The Rise of China and Its Impact on the Caribbean
Newry signs condolence book at French Embassy
Boko Haram to be discussed at CARICOM heads of government meeting
Bahamas Prime Minister interviewed on China Central Television
Miss Universe Bahamas meets Donald Trump
Wang Yi: Jointly Boost China-Latin America and the Caribbean Comprehensive and Cooperative Partnership
Actress Keshia Knight Pulliam confirms Kamp Kizzy is headed to The Bahamas via Atlanta Consulate Office
Bahamian journalist invited to speak at regional conference on immigrant rights
Consul General Rolle secures opportunities for Bahamian students and Atlanta Technical College
Bahamian recipients of the OAS scholarship program announced
Caribbean Film Project Call for Submissions
Commonwealth Secretary-General’s New Year Greeting 2015
Billion Dollar Investment Opportunities Seen by Cuba Business Outlook
interCaribbean Airways launches Cacique Rewards
Quotable Caribbean: Shaggy, Arch Ritter, Charles Schumer, and more...
Bahamas Consul General signs Pakistan book of condolences‏
Consul General Carroll attends the National Day of Qatar Reception in New York
CBP Reminds Travelers of the Currency Reporting Requirement
OAS Opens Scholarship Application Period for Undergraduate, Graduate and Research Studies in 2016
Minister of Foreign Affairs of The Bahamas Explains his Country's New Immigration Policy at the OAS
Bahamas Religious Tourism Executives Eye Atlanta’s Gospel Community
Cedric Scott named Bahamas Honorary Consul to Los Angeles
DPM Davis among world leaders gathered for UNHCR Sessions in Geneva
IDB hosts Caribbean regional meeting on transparency, integrity, and governance issues
GBPA Participates at 2014 Caribbean Exporter’s Colloquium
PM Christie remarks to Fifth CARICOM-Cuba Summit
Frist Bahamian-American female to be elected as a Judge of the NYC Civil Court
Bahamians in Missouri Urged to "Avoid Problems" with Michael Brown Verdict
Paving the Way for Private Sector Growth in the Caribbean
"New Bahamian Immigration Policy Raises Serious Human Rights Concerns"
USA rejects petition to list Queen Conch as endangered species
Harlem elects "Sweet Justice"