According to the release, the group has signed a share purchase agreement (SPA)
in order to obtain all issued capital from the property’s previous developer
Perfect Luck Assets Limited (Perfect Luck), a special purpose vehicle created
by the Chinese state-owned Export-Import Bank of China.
CTFE informed of it plans to proceed with a phased opening of the resort
commencing April 1 2017, and that it was in discussions with international
hospitality brands to operate a luxury property such as Grand Hyatt, SLS
Hotels, and group subsidiary the Rosewood Hotel Group.
The group also anticipates hiring 1,500 Bahamians during the first phase of the
opening at the beginning of 2017, with ‘thousands more’ being hired once the
property is fully operational. "CTFE will dedicate significant, ongoing
investment and resources towards the pre-opening and opening of Baha Mar
Resort,” Graeme Davis, President of the CTFE’s Bahamas subsidiary, stated in
the release.
The casino hotel will include a convention centre and golf course, with CTFE
stating in the release that it plans to invest an additional US$ 200 million
for pre-opening activities and for the redevelopment of the beachfront site of
the former Crystal Palace Casino Hotel, and the ‘development of additional
family friendly amenities, entertainment venues and offshore island facilities.’
