The sale of the Bahamas’ Baha Mar megaresort to Chinese interests is all but complete, the government of the Caribbean island nation said.
Speaking to daily newspaper The Tribune, Attorney-General Carl Bethel said only details remain before the US$4 billion casino hotel is finally transferred to a subsidiary of Hong Kong-listed conglomerate Chow Tai Fook Enterprises.
The purchase was announced last December, after the government had shepherded the unfinished resort out of receivership to a trustee arrangement controlled by Export-Import Bank of China, Baha Mar’s principal financier, and lead contractor China State Construction, who in turn oversaw the sale to CTFE.
Since then, the Caribbean’s largest casino made it to a partial opening in April, anchored by a 1,800-room Grand Hyatt hotel. A second hotel, a 299-room SLS, debuted last month. A third hotel, a 200-room Rosewood, is slated to come on line in the spring.
Bethel said finalization of the sale is awaiting the completion of certain land transfers, some with the government, and added, “There is still a legal process that has to be completed elsewhere.
“It’s a matter of the liquidation being cleared away, but the hotel properties and all transfers in terms of the heads of terms and heads of agreements are complete. These are all in the hands of the lawyers.”
