[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
World Employment and Social Outlook 2016: Global youth unemployment is on the rise again
Sandals Resorts unveils 1st overwater wedding chapel in The Caribbean
(Photo) Ambassador viewing Rio Olympics photos
OAS and PAHO to Cooperate on Implementation of 2030 Sustainable Development Goals
Caribbean Entrepreneurs to Benefit from World Bank Group’s First Online Course on Crowdfunding
Caribbean Tourisn Business must adapt to succeed
Commonwealth forum advances innovation and integrity in public service
NASA Prepares to Launch First U.S. Asteroid Sample Return Mission
NASA Television to Air Journey to Mars Showcase, Rocket Engine Test
Ambassador Highlights Historical Significance of Emancipation Day
Permanent Council of OAS urges action in Haiti to guarantee Elections on October 9
The search is on to find the Commonwealth young person of the year
Diplomats Tour New Bahamas Tourist Office
OAS Urges Action to Guarantee the Haiti Elections on October 9
World Bank and Caribbean Export Partner to Strengthen Early-Stage Investment in the Caribbean
Belize becomes First Country in the Caribbean to Overturn Their Sodomy Laws
UWI Ready to Support Belize Following Hurricane Earl
P.G. County Business and Political Lumniaries attend “a Night in The Bahamas” Reception
The Bahamas wins Miss Petite World 2016
Experts debate solutions to ‘detrimental’ decline in banking partnerships
Ingraham Completes 5-Week Internship at Bahamas Embassy
New Ambassador to CARICOM and the OECS appointed
Buckeye Executive Updates Ambassador on Freeport Petroleum Storage Operations
Bahamas Consul General Hosts Reception For Exnihilo Art Center
FDA Publishes Final Finding of No Significant Impact and Environmental Assessment on Oxitec's Self-limiting Mosquito
Canada's Electronic Travel Authorization Mandatory as of 30 September 2016
Travel Industry Icon to Address Caribbean Hospitality Exchange Forum
CFAL Executives from Nassau visit Bahamas House in London
Ralph Higgs Resigns as Turks And Caicos’ Director of Tourism
Code of Practice on Safeguarding the Open Internet signed at CANTO 2016
Bahamian graduate student calls on Ambassador Newry in Washington
Conference Set to Boost Off-Grid Renewable Energy Development Worldwide
Prime Minister of The Bahamas Keynote Speaker at African American Hotel Ownership Summit
Anticipation Building For Tourism Industry Exchange
From Fish Waste to Fish Wealth: Caribbean takes first step to maximize value of fisheries and aquaculture sector
Bostwick calls on Ambassador Newry in Washington
Grand Bahamian attends UN High-level Political Forum on Sustainable Development
Commonwealth Ministers at Rio Olympics address sports policy & integrity issues
Bahamas Consulate General Atlanta 43rd Independence Celebration
PAHO and U.K. Overseas Territories in the Caribbean map future technical cooperation