Posted by: Editor on Apr 07, 2005 – 01:08 PM
newsandinfo After many months of intense negotiations, Prime Minister Perry Christie last night said that he was tremendously relieved to sign a heads of agreement with the Baha Mar Development Company Ltd.
“This historic development, which envisages an expenditure of not less than $1 billion in Phase I, will completely revitalize the entire Cable Beach resort area in accordance with my governments bold economic vision and plans for world class touristic development.”
The agreement, which includes the purchase of the Radisson Cable Beach Resort from the government-owned Bahamas Hotel Corporation, comes seven days after the group announced its purchase of the Nassau Beach Hotel and Wyndham Nassau Resort & Crystal Palace Casino from American developer, Phil Ruffin.
Sarkis Izmirlian, chairman and CEO of Baha Mar, said he has long been aware of the potential of Cable Beach.
Prime Minister Christie said, “They have set out to create a must-see, one-of-a-kind experience, using the creative genius of the best international and Bahamian professionals, supported by what I believe to be an invaluable Bahamian human resource team now employed at the Cable Beach hotels, and those who will swell their ranks as expansion takes place.”
The development will be “the best resort development in the world”, Mr. Izmirlian said last night.
“Today, I am very happy to begin the process of development of the new Cable Beach, which will be called Baha Mar,” Mr. Izmirlian said.
“We will create a one of a kind resort which in Phase I will be the single largest investment at $1.2 billion in the history of The Bahamas.”
The major redevelopment and construction of the properties is scheduled to begin in 2007, although management has announced immediate plans to make substantial investments in improving guest and employee areas.
Baha Mar officials said the project will create a world-class resort and gaming destination incorporating globally recognized hotel and casino brands with their enormous marketing power and high service standards.
Phase I of the multi-property mega resort will accommodate 2,700 guest rooms across a broad spectrum of price points and multiple hotel experiences; 175,000 square feet of meeting and convention facilities; and a new 18-hole championship golf course.
At 75,000 square feet, the proposed ‘Las Vegas style’ casino will be the largest in the Caribbean. The resort will also boast a number of unique attractions and activities available to guests of the resort, cruise passengers and the Bahamian public.
Prime Minister Christie said a new atmosphere, sense of place and aesthetic appeal will be created by landscaping the highway all the way from Nassau International Airport and creating a dramatic new entrance to Cable Beach adjacent to the eastern end of Lake Cunningham.
“The spectacular new diverted West Bay Street including extended jogging trails among lush gardens and waterfalls, will also provide a breathtaking experience for the Bahamian public and visitors alike,” he added.
Note: Candia Dames, The Bahama Journal
April 7, 2005