By Sasha L. Lightbourne
CEO of Bahamar Resorts Ltd Sarkis Izmirlian (center) signs an agreement with the Export Import Bank of China and China State Construction and Engineering Corporation for the financing of the Bahamar project.
In what is being billed as one of the biggest hotel deals in the history of The Bahamas, Baha Mar officials, along with officials from the Export-Import Bank of China inked a multi-billion dollar deal, which will help the project finally move forward following a long hiatus.
During a news conference at the Sheraton Resort on Cable Beach last night Baha Mar Senior Vice President, Robert Sands told the media that the deal had been signed on Tuesday during a private meeting in Miami, Florida.
"The agreements include a $2.6 billion financing agreement by the Export-Import Bank of China. China State Construction and Engineering Corporation will be the project’s general contractor. [The agreement also includes] an investor agreement between Baha Mar and China State Construction, which will assume a minority equity interest," he said.
"Baha Mar is an unprecedented resort development in The Bahamas that captures the true spirit of the island and the region, while bringing together the most prestigious collection of hospitality brands in the world to create a leading resort destination."
The agreements were signed by Baha Mar Resorts’ Chairman and CEO, Sarkis Izmirlian, Li Jun and China State Construction and Engineering Corporation’s Vice President, Liu Jinzhag.
"These agreements bring closure to a series of discussions and negotiations between Baha Mar and both Chinese partners from the banking institution and state-owned construction corporation that began in April 2008," Mr. Sands added.
Mr. Izmirlian said that financing for the mega hotel and resort developments of such size, scale and scope are extremely rare in today’s economic environment making it truly historical for all parties, including The Bahamas.
"We look forward to working with our Chinese partners to realise the vision for this first-in-the-world resort concept, and thank the Bahamian Government as well for its unceasing support," he said.
"These agreements mark a critically important day for The Bahamas. The Baha Mar project will provide jobs, enhanced revenues, improved skill sets and enhance infrastructure."
Baha Mar’s CEO added that the project also represents a primary stimulus to help bring the country out of the recession and create better lives for thousands of Bahamians.
The 1,000-acre project is set to break ground later this year with the construction start date subject to approvals by the Governments of The Bahamas and the People’s Republic of China.
The first phase will include approximately 3,000 rooms, a 100,00 square foot casino, two signature spas and a third world-class destination spa; an 18-hole championship Jack Nicklaus Signature Gold Course; 200,000 square feet of meeting space; 3,000 feet of continuous beachfront among other amenities.
The project is scheduled to be completed in late 2013, according to Mr. Sands.
More than 8,000 new jobs will be created for Bahamian workers across all sectors of the hospitality industry.
"In addition, Baha Mar Resorts has re-affirmed its commitment to hire as many qualified Bahamians as possible to work on the project during the construction phase. Baha Mar is projected to generate 2.3 million annual visitor room nights, $1.1 billion in spending and direct taxes into the Bahamian economy in the first year of operation and generate an additional $740 million, or a 10 per cent increase to the current GDP of the country."
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