Warwick International Hotels announced that it bought Paradise Island Harbour Resort, located in Nassau, Bahamas, at a CBRE auction for an undisclosed sum.
The resort, owned by Driftwood Hospitality Management, North Palm Beach, Florida, and Lehman Brothers Holdings Inc. was bought at the auction September 13. While the purchase amount was not disclosed, the auction had a minimum bid of US$6 million.
The owners had reportedly been trying to sell the property for some time. “It was up for sale for a long time. It was sold, but the sale didn’t go through to the purchaser. There were complications, so it went back on the market,” David Johnson, director general of the Bahamas’ tourism ministry, told The Nassau Guardian.
The Paris-based Warwick said a full renovation and rebranding of the all-inclusive, 246-room property will be announced soon.
“We are delighted to have the opportunity to completely renovate the Paradise Island Harbour Resort and restore it to its former glory,” said Jean Francois Garnier, Warwick’s group director of development.