[xml][/xml]
The Bahamas Weekly Facebook The Bahamas Weekly Twitter
News : International Last Updated: May 7, 2015 - 7:57:38 AM


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
 Mobile 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

Receive our Top Stories



Preview | Powered by CommandBlast

International
Latest Headlines
UWI Vice-Chancellor Outlines Plan to Recreate the Activist University
David Cameron announces resignation following EU referendum result
Statement from the Governor of the Bank of England following the EU referendum result
Knowles Completing Internship At The Embassy Of The Bahamas
Bethel Elected to CEDAW Four-Year Term
Plans being finalized for Bahamas Independence Celebration for DC
India offers fully-funded training courses to Commonwealth citizens
ECADE Mourns Orlando: 
urges activists to continue regional work
Dame Marguerite Pindling Hosts Bahamian Reception at Conclusion of Official Visit to London
Prioritising the Caribbean Creative Industry Through the CCIMU
Pew Applauds New Caribbean Shark Sanctuaries
(Video) Bahamas' Swimming Pigs Star on NBC's Today Show
Bahamas High Commission visits Vancouver to assist Bahamians with Passport Renewals
Trinidad & Tobago named ‘Caribbean National Team of the Year’ at "Taste of the Caribbean" in Miami
Mission Inspection Tour of the Embassy of the Commonwealth of The Bahamas
Rahming elected VP of UN General Assembly and set to assume Chair of Permanent Council of OAS
Caribbean approaching half-way mark toward goal of 100% voluntary blood donation
KidsRights Index 2016: countries falling short on children’s rights
Queen inspires new hub for Commonwealth organisations
Caribbean Conservationists Work on Buoys to Demarcate Marine Reserves
Bahamians In The Diaspora: Dr. Sidney Mcphee from Highbury High to The Presidency of MTSU
Bahamas attends 105th Session of the International Labour Conference in Geneva
St. Lucia's New Prime Minister, Allen M Chastanet Sworn In
The Bahamas Accredited to Ireland
Food For The Poor Reaches a Celebratory Milestone in Haiti
Historic Bahamas Constitutional Referendum Advanced Poll in Washington
Bahamian Students Finish Second in Caribbean Student Colloquium
International groups commend Bahamas on upcoming Constitutional Referendum
LGBT travel article cops top prize in CTO Travel Media awards
"Regional support for Bahamian activists’ criticisms of MP"
Global Campaign for Equal Nationality Rights on Bahamas Referendum On Gender Equality
Bahamas House: Temporary Closure of New York Offices
Invest Caribbean Now celebrates Caribbean-American Heritage Month with spotlight on economic investments
Caribbean countries expanding share in US$130 billion global seafood market
Bahamian elected Vice Governor for Kiwanis International Eastern Canada and the Caribbean District
IAEA Conference Launches ‘Ethical’ Appeal on Decommissioning, Environmental Remediation
Former Bahamas Spelling Bee Champ Now Poster Boy
US Ambassador Nominee to The Bahamas Dies at age 50
CARICOM-US discuss threat of lawsuit over queen conch, and IUU fishing
Spanish Wells Eleuthera teenager Lily Messier named to Team Canada U19 Floorball