Developer of Baha Mar Resort Files for Bankruptcy

Baha Mar (Nassau, Bahamas) Baha Mar (Nassau, Bahamas) resort complex has filed for bankruptcy protection, accusing the construction firm that is the general contractor of financial and design mismanagement. The voluntary move is designed to ensure the delayed resort opens as quickly as possible, according to CEO Sarkis Izmirlian. The company hopes to arrange a debtor-in-possession financing arrangement of up to $80 million to be able to pay for daily operations during the process. "I am committed to doing all I realistically can to move Baha Mar forward to be completed and opened successfully,” says Izmirlian. "The general contractor, China Construction America, repeatedly has missed construction deadlines. This has caused both sizeable delay costs and forced the resort to postpone its opening. Unable to open, the resort has been left without a sufficient source of revenue to continue our existing business.” Following the announcement, the resort revealed that it has commenced a claim in the English High Court against the contractor’s parent company: China State Construction Engineering Corporation. Located on 1,000 acres along 3,000 feet of Cable Beach in Nassau, the Baha Mar has been planned by Michael Hong Architects, with Dianna Wong leading the interior designer. The resort is to feature 2,200 luxury guest rooms across four hotels—Baha Mar Casino & Hotel (Las Vegas), Rosewood at Baha Mar (Nassau, Bahamas), Grand Hyatt at Baha Mar (Nassau, Bahamas), and SLS LUX at Baha Mar (Nassau, Bahamas)—along with the Caribbean’s largest casino, spanning 100,000-square-feet. In addition to the four hotels, the resort will contain a Jack Nicklaus golf course, a ESPA spa, pools, beach experiences, and restaurants and luxury shops. The opening of the resort has been delayed multiple times; with the most recent launch date of March 27, without any announcement of a revised schedule.

For more information, visit www.bahamar.com.

 

 

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