‘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
Vegas’s Billion-Dollar Secrets – What They Don’t Want Tourists to Know
Visit Florida’s New CEO Bryan Griffin Shares His Vision for State Tourism with Graham
Chicago’s Tourism Renaissance: Graham Interviews Kristin Reynolds of Choose Chicago
Graham Talks with Cassandra McCauley of MMGY NextFactor About the Latest Industry Research
Destination International’s Andreas Weissenborn: Research, Advocacy, and Destination Impact
Graham and Don Welsh Discuss the Success of Destinations International’s Annual Conference
Graham and CEO Andre Kiwitz on Ventura Travel’s UK Move and Recruitment for the Role
Brett Laiken and Graham Discuss Florida’s Tourism Momentum and Global Appeal
Graham and Elliot Ferguson on Positioning DC as a Cultural and Inclusive Global Destination
Graham Talks to Fraser Last About His England-to-Ireland Trek for Mental Health Awareness
Kathy Nelson Tells Graham About the Honour of Hosting the World Cup and Kansas City’s Future
Graham McKenzie on Sir Richie Richardson’s Dual Passion for Golf and His Homeland, Antigua
ADS PRO 
Phocuswright reveals the world's largest travel markets in volume in 2025
Cyclone in Sri Lanka had limited effect on tourism in contrary to media reports
Higher departure tax and visa cost, e-arrival card: Japan unleashes the fiscal weapon against tourists
In Italy, the Meloni government congratulates itself for its tourism achievements
Singapore to forbid entry to undesirable travelers with new no-boarding directive