Hong Kong conglomerate Chow Tai Fook Enterprises has agreed to buy the embattled Baha Mar Resort in the Bahamas. Terms of the deal were not disclosed.
CTFE will own and operate the resort, and plans to spend another US$200 million to redevelop the adjacent Crystal Palace Casino Hotel site. A phased opening is scheduled for April 2017. The first phase will include the casino hotel, casino, convention center and golf course, according to the company.
The 2,300-room, US$3.5 billion resort was bedeviled by years of building complications, financing issues and disputes among investors in the years leading up to an expected 2014 opening; construction delays forced a bankruptcy filing in 2015.
CTFE, which also owns Rosewood Hotel Group, is in talks with hospitality brands including Grand Hyatt, SLS Hotels and Rosewood to operate the resort, which includes a golf course, according to Travel Week.
“CTFE will dedicate significant, ongoing investment and resources towards the pre-opening and opening of Baha Mar Resort,” said Graeme Davis, the president of CTFE’s Bahamas subsidiary, according to a statement. “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.”
“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,” Bahamas Prime Minister Perry G. Christie said. “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.”