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
 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

Enter your Email Address


Preview | Powered by FeedBlitz

International
Latest Headlines
Fisher lady of Punta Gorda, recognized as CRFM Fisher of the Year
Bahamas High Commission to Host Passport Clinic in Toronto July 22-24
WHO validates Cuba’s elimination of mother-to-child transmission of HIV and syphilis
Diverse language skills needed for Caribbean tourism growth
Rahming participates in high-level launch at UN
(Video) Bahamas' Alicia Wallace meets the Queen and recieves Young Leaders Award
Peru to Host the 23rd Inter-American Congress of Tourism, Coordinated by the OAS
Grand Bahama delegation attends 2015 International Franchise Expo
New Partnership to Boost Youth Work Education
US Government Releases 2014 Human Rights Report on The Bahamas
Caribbean anti-corruption commissions gather at Commonwealth conference
Dr. Newry appointed Non-resident Ambassador of the Commonwealth of The Bahamas to Mexico
CARICOM appeals to Dominican Republic to halt expulsions
Randy Rolle attends Andrew Young's Birthday Celebration
PAHO/WHO, OAS launch new Inter-American Task Force on NCDs to accelerate multisectoral action to combat noncommunicable diseases
Bahamians in Ottawa invited to Changing of the Guard on July 10th
CARICOM leaders' Commonwealth divide
(Video) Fred Mitchell remarks at OAS General Assembly "Present and Future of The OAS"
Solidifying the Caribbean as a serious trade contender
Aerospace Engineer Kicks Off Embassy’s Young Bahamians Conversation Series
The Americas Becomes First Region in the World to Have an Instrument for the Promotion and Protection of the Rights of Older Persons
OAS, PAHO and International Institutions Join Forces to Tackle the Leading Causes of Death in the Americas
Young Bahamian to be awarded by The Queen, and will meet UK's Prime Minister
Bahamas Investment Climate Statement Released by U.S. Department of State
Nassau Represented at Prestigious UNESCO Creative Cities Meeting
Melanius Alphonse: Cuba on the cusp of hope and fear
Bahamas Washington Embassy launches iniative for young Bahamians in the Diaspora
47th Association of Caribbean Historians Conference Explores Reparations, Race, Health
NASA’s Hubble Finds Pluto’s Moons Tumbling in Absolute Chaos
Junior Minister of Tourism calls on Bahamas Consul General
New ILO Regional Director for Latin America and the Caribbean
Caribbean Employers’ Confederation and Caribbean Congress of Labour sign MOU in Brussels‏
Bahamas officials meet with Atlanta business community
Bahamas Spelling Bee Champ featured on ABC News
Four NASA Heroes Inducted into U.S. Astronaut Hall of Fame
Louis Bacon, Lee C. Bollinger and Alan Gilbert Honored with Foreign Policy Association Medals
Gina Rodgers Sealy calls on Bahamas Embassy in Washington
Quotable Caribbean: Dr. Devi Shetty, Usain Bolt, Freundel Stuart, and more...
One Caribbean Television celebrates Caribbean-American Heritage Month
Insulza ensures on departure that OAS “Much stronger than it was when I arrived”