Baha Mar Resorts has signed investor and construction agreements for the development of a multi-million dollar resort on Cable Beach, Nassau in The Bahamas.
The company signed a US$2.5bn financing arrangement with Export-Import Bank of China and appointed China State Construction as the general contractor.
Baha Mar Resorts’ chair and CEO, Sarkis Izmirlian, said: “Financing for mega hotel and resort developments of this size, scale and scope are extremely rare, particularly in today’s economic environment. We look forward to working with our Chinese partners and thank the Bahamian government as well for their unceasing support.
“The Baha Mar resort project will be a great economic boost to The Bahamas. The creation of the resort will provide jobs, enhanced revenues, improved skill sets and enhanced infrastructure.”
The 1,000-acre project’s first phase will include 3,000 rooms; a 100,000sq ft casino; two signature spas and a third destination spa; an 18-hole Jack Nicklaus Signature Golf Course; 200,000sq ft of meeting space; chef-branded restaurants and a 20-acre beach and pool experience.
Work is expected to be completed in 2013.
