After months stalled in development, the Baha Mar resort in Nassau, Bahamas, now has a new owner in Hong Kong Chow Tai Fook Enterprises Limited and a new opening date set for April 2017.
NASSAU, Bahamas, Dec. 12, 2016 -- Chow Tai Fook Enterprises Limited (CTFE), a leadingHong Kong-based global conglomerate with a diversified business portfolio – including extensive hospitality experience with resort and mixed-use developments worldwide – today announced it has signed an agreement to own and operate Baha Mar Resort. The signed share purchase agreement (SPA) allows for the acquisition by CTFE of all issued capital from Perfect Luck Assets Limited (Perfect Luck), including those Baha Mar Resort assets previously transferred to the company.
Said Graeme Davis, President, CTFE's Bahamas subsidiary, "CTFE will dedicate significant, ongoing investment and resources towards the pre-opening and opening of Baha Mar Resort. We will also ensure that the Bahamian people and the region benefit fully from the project, which will create tremendous job and economic stimulus opportunities. Further, by combining our global hospitality expertise with the vibrant and authentic Bahamian culture, we will create a memorable, unmatched experience for guests of which all Bahamians can be proud."
CTFE is in discussions with several globally recognized hospitality brands to be luxury hotel operators at Baha Mar including Grand Hyatt, SLS Hotels, and CTFE subsidiary, Rosewood Hotel Group.
To prepare for the opening of the casino hotel and casino, CTFE is onboarding a leadership team of executives from internationally recognized brands. It plans to begin recruiting employees for the casino in the New Year and is also in discussions to form marketing alliances with leading global gaming companies.
CTFE Brings Vast, Global Expertise with a Diverse Portfolio Including Tourism and Hospitality
CTFE has a diversified, international business portfolio across the commercial real estate, hospitality, retail and transportation industries that includes property holding and development; hotel investment and management; jewellery retailing and department store interests; and transportation and infrastructure investment. Among the publicly listed companies controlled by CTFE are New World Development Company Limited, a property developer with a market capitalization of over US $10 billion; NWS Holdings Ltd, an infrastructure and transportation company with a market capitalization of over US $6 billion; and Chow Tai Fook Jewellery Group Limited, one of the largest jewellery retailers in the world with a market capitalization of over US $8 billion.
Within the tourism and hospitality arena, CTFE's expertise is extensive, in part through its ownership of Rosewood Hotel Group, which owns and/or operates 55 hotels in 18 countries under three different brands. These include some of the world's most iconic hotel properties including The Carlyle, A Rosewood Hotel (New York), Rosewood London and Rosewood Beijing. Rosewood Hotel Group also operates three Caribbeanresorts: Jumby Bay, A Rosewood Resort in Antigua, Rosewood Tucker's Point in Bermuda, and Rosewood Little Dix Bay in the British Virgin Islands (re-opening 2017).
In addition, the expertise of CTFE and its affiliated companies includes large-scale investment and development projects such as the US $10+ billion Greenwich Peninsula development project, one of the largest investments in London's history, which is expected to include more than 15,000 new residences; the Queen's Wharf Brisbane, a US $2.3 billion integrated resort development project in Australia; and a deluxe casino hotel development in Metro Manila, in the Philippines.
CTFE Committed to Phased Opening of Baha Mar Resort Beginning April 2017 and the Creation of Thousands of Jobs for Bahamians
CTFE is dedicated to the successful and timely opening and operation of Baha Mar Resort. Upon completion of the project by China Construction America (CCA) and EXIM Bank, the company intends to quickly establish Baha Mar as one of the world's finest destination properties. CTFE plans to open the resort in phases, beginning with phase one in April 2017, which will include the casino hotel, casino, convention center and golf course. The company estimates that more than 1,500 jobs will be generated for Bahamians within this first phase. Once fully operational, Baha Mar Resort will employ thousands more.
Davis continued, "The Bahamas is one of the most iconic and popular destinations in the Caribbean. As we build on the foundation that has been established thus far, a critical part of our vision for Baha Mar Resort is to showcase the extraordinary beauty of the island in addition to its culture. In partnership with the Bahamian people, we look forward to delivering future guests a resort that is distinctive not only for the Bahamas but for the entire Caribbean."
CTFE has plans to invest an additional US $200 million in the project to support pre-opening activities as well as the redevelopment of the prime beachfront Crystal Palace Casino Hotel site, and the development of additional family-friendly amenities, entertainment venues and offshore island facilities.
Bahamian Prime Minister and EXIM Bank Support CTFE in its New Role
"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 the Right Honourable 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. We look forward to having such a renowned and experienced company turn the vision for Baha Mar Resort into reality."
EXIM Bank said in a statement, "While there have been challenges with the project along the way, The Government of The Bahamas and EXIM Bank have been steadfast in bringing this project to fruition. Now, with a supremely qualified, world-class owner and operator in place, we look forward to working together with CTFE to bring the already stellar reputation of the Bahamas as a leading tourism destination to a new level."
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