‘Unprecedented’ $2 billion Bahamas resort
A new $2 billion resort in the Bahamas is expected to compete with the long-established Atlantis on Paradise Island.
The project represents the largest single-phase development in the Caribbean.
It represents an “unprecedented joint venture,” said Hotel Online, that will create a “unique metropolis in its setting, design, operation and services.”
Baha Mar Resorts Ltd. says it finalized an agreement with casino operator Harrah’s Entertainment Inc. and hotelier Starwood Hotels & Resorts Worldwide Inc. to build the resort.
Baha Mar will be a mixed-use project on a 1,000-acre site in Nassau.
“They have done a good job, and they are a big project sitting on Paradise Island,” Baha Mar Resorts President Don Robinson told Reuters. “We provide an alternative in the Bahamas other than Atlantis.”
“This … will only add to the overall tourism draw to the region,” said a spokesman for Atlantis.
“The signing of these agreements marks the beginning of a new tourism era for The Bahamas with the coming together of the most prestigious and successful companies in lodging, gaming and leisure,” said Sarkis Izmirlian, chairman and chief executive officer of Baha Mar Resorts Ltd.
Baha Mar Resorts, a Nassau-based owner and operator of resorts, and a Harrah’s subsidiary have formed a joint venture for the project, while Starwood has signed agreements to manage four hotels at the resort.
The project calls for an initial investment of more than $2 billion, Baha Mar said.
Starwood has committed to operate hotels under its W, St. Regis, Westin and Sheraton brands. The joint venture will be 57% owned by Baha Mar Resorts and 43% by the Harrah’s subsidiary.
The cost of the project, which was first announced in November 2005, has increased from $1.6 billion earlier, according to Reuters.
Starwood, which had earlier planned to invest 10% in it, is no longer an equity partner. Harrah’s, the world’s largest casino company, recently agreed to be bought by two private equity firms for $17.1 billion.
Baha Mar will have about 3,000 guest rooms, with Harrah’s operating a Caesars resort with more than 1,000 rooms and a roughly 100,000-square-foot casino. The W, St. Regis and Westin hotels are expected to include residential units.
Future phases of Baha Mar are expected to include more residential units and a second golf course.
Construction on the project is scheduled to begin this year, with an anticipated opening in early 2011.
Report by David Wilkening
David
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