The Bahamas resort Baha Mar has taken more than 10 years to open, but on April 21, the $4.2 billion, 1,000-acre development on a half-mile of beachfront in Nassau finally debuted at least, in part. <\/p>\n
Baha Mar comprises three hotel brands Grand Hyatt, SLS Hotels and Rosewood Hotels & Resorts for a total of 2,300 rooms. Grand Hyatt, with 1,800 rooms, is the largest, and, with nightly rates in the mid-$300 range, its also the most affordable. The 300-room SLS, with starting rates at upward of $500 a night, will open later this year, and the 200-room Rosewood, the most upscale of the three with room prices from $700, is planning to open next spring. <\/p>\n
But accommodations are only one component of Baha Mar: The project also includes a 100,000-square-foot casino; 30 luxury retailers; a golf course; 11 swimming pools; and a spa with 24 treatment rooms. The casino, the golf course, seven of the swimming pools, a part of the spa and a handful of retailers and restaurants opened in April; the rest of the amenities are scheduled to be introduced over the next year. <\/p>\n
Large-scale flashy resorts, in the vein of those in Macau and Las Vegas, may not be an anomaly today, but the drama leading up to Baha Mars opening sets it apart from the bunch: The Nassau-based development group BMD Holdings, led by chief executive Sarkis Izmirlian, announced plans for the project with much fanfare in late 2005. <\/p>\n
Construction did not begin until early 2011 and was funded through a $2.45 billion loan from the Export-Import Bank of China, along with an $850 million investment from Baha Mar and a $150 million investment from the contractor, China Construction America. <\/p>\n
A scheduled opening in May 2015 never happened. With the project more than 90 percent complete, Baha Mar declared bankruptcy, saying that China Construction America had repeatedly delayed the venture by missing construction deadlines. The construction company issued its own accusations of mismanagement, and a bitter fight ensued. <\/p>\n
Around 2,000 employees, most of them Bahamians, were out of jobs, and Baha Mar was at a standstill. <\/p>\n
Its revival began last November, when the Hong Kong-based conglomerate Chow Tai Fook Enterprises signed an agreement to buy the resort from the Export-ImportBank of China for an undisclosed sum. Chow Tai Fook was already familiar with Baha Mar because it owns Rosewood Hotels & Resorts, a brand that was set to be one of the projects hotel operators before the bankruptcy filing. <\/p>\n
Graeme Davis, the president of Baha Mar, said the company was able to open Baha Mar so soon after agreeing to buy it because the Export-Import Bank had invested $700 million to finish building the resort over the last 18 months. <\/p>\n
Baha Mar is one of the largest resorts to open in North America, according to Zachary Sears, a senior economist at Tourism Economics, which is part of the research firm Oxford Economics. <\/p>\n
According to estimates from a 2013 report from Oxford Economics, Baha Mar could contribute around 12 percent to the gross domestic product of the Bahamas once the resort is complete. <\/p>\n
Touches intended to be over-the-top are a trademark of such mega-resorts. <\/p>\n
Golfers, for example, can rent top-of the line clubs, including handmade Itobori clubs from Japan, which sell for $8,000, according to Sean Cracraft, the director of golf at the resorts Royal Blue Golf Club. <\/p>\n
Restaurants include the opulent, red-hued Shuang Ba, where top chefs from China will visit and cook, and Katsuya, an upscale sushi chain that started in the Los Angeles area. <\/p>\n
A big attraction may be the six-minute nightly show at the fountains and lakes where water, illuminated with multicolored lasers, shoots 110 feet into the air. <\/p>\n
Davis said that much of Baha Mars appeal was expected to come from its emphasis on Bahamian culture and the local environment. <\/p>\n
The childrens activities, for example, include visits to the propertys aviary to learn about indigenous hummingbirds and butterflies, along with classes on Bahamian crafts. <\/p>\n
Bahamian art is another focus: The property will display 8,500 pieces paintings, sculptures, ceramics and photographs by established and emerging artists from the islands. <\/p>\n
Delayed hotel openings are common, but Baha Mars trajectory is unusually long, said Reneta McCarthy, a senior lecturer at the School of Hotel Administration at Cornell University who is familiar with the resort. Theres been a lot of buzz about this project and drama surrounding it for years, she said. All eyes will be on it to see how it fares. <\/p>\n
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In the Bahamas, a long-awaited opening for Baha Mar resort - MyAJC<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" The Bahamas resort Baha Mar has taken more than 10 years to open, but on April 21, the $4.2 billion, 1,000-acre development on a half-mile of beachfront in Nassau finally debuted at least, in part. Continue reading