Hong Kong firm to buy Baha Mar
Saturday, 13 Dec, 2016
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The fate of the long halted Baha Mar resort project is a little clearer now after Hong Kong based Chow Tai Fook Enterprises agreed to acquire it.
The prospective new owners said phase one of the Bahamas mega resort will open in April next year which will include the casino hotel, casino, convention center and golf course.
Chow Tai Fook will take over Baha Mar from Perfect Luck Assets, which is a subsidiary of Baha Mar’s main investor Export-Import Bank of China, which itself took over when the project filed for bankruptcy.
Chow Tai Fook is the parent company of Rosewood Hotels & Resorts, one of Baha Mar’s planned tenants.
Chow Tai Fook said it would spend a further $200 million ahead of the opening.
"We are delighted to have CTFE join Baha Mar Resort as the owner and developer, leveraging its expansive network and resources to open new markets and opportunities for The Bahamas that will deliver great benefits to the island and our people," said Prime Minister, Perry G. Christie.
"The Government is confident that CTFE has the precise capabilities and track record to successfully complete and operate Baha Mar Resort from both a lodging and casino perspective."
Specific terms of the deal were not disclosed.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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