The troubled Baha Mar megaresort project in the Bahamas will soon have new life, according to Bahamas Prime Minister Perry Christie.
The Prime Minister said that the government and the Export-Import Bank of China have signed an agreement under which the resort will be completed and then sold to a “world-class hotel and casino operator.”
The arrangements have been approved by the Supreme Court off the Bahamas.
“This agreement represents a signal achievement for The Bahamas, and a milestone in the troubled history of Baha Mar,” Christie said.
Bahamas Prime Minister Perry Christie announces the agreement. (BIS Photo)
The project had initially been slated to debut at the end of 2014, until it was delayed and then ended in a hotly-contested bankruptcy.
The $3.5 billion project was set to include an eponymous hotel, a Rosewood, an SLS Lux and a Grand Hyatt hotel, with 2,200 rooms in total.
It also features a Jack Nicklaus-designed golf course.
What Christie called a “remobilization” will launch immediately.
“Construction at the site is expected to resume within a few weeks, during the month of September,” Christie said. “The Bank has committed to fund all remaining construction costs to complete the Project. China Construction will finish the works, and will resolve outstanding claims with its suppliers and sub-contractors.”
Christie also said that, under the agreement, thousands of Bahamian creditors owed money by Baha Mar companies would receive “a significant part” of that money.
“Going forward, many of the same people and companies who were previously contracted, will be re-engaged to complete the Project,” he said.
Christie said the government would also be extending “appropriate concessions” to facilitate construction and “promote the successful future operation of the resort.”
While tourism officials had said earlier this year that several potential buyers had emerged, it’s not yet clear how far any such negotiations have gotten.
“The difficulties of a project this size has hit our economy hard,” he said. “But we will recover.”
