Baha Mar begins rise
The Bahamas’ largest private sector development project received its groundbreaking ceremony today, just days before government officials are set to open a new international airport terminal – the largest public sector project ever for the country.
With funding of $2.6 billion in place from the Chinese Export Import Bank, Baha Mar marked the beginning of constructing a resort unlike any other in the Caribbean or the entire western hemisphere. Once completed, the resort will feature the Hyatt, Rosewood and Morgans hotel brands, 24 restaurants, retail spaces, gaming space, nightclubs, spas, a Jack Nicklaus golf course and convention facilities.
“Indeed, given the compelling positive impact our project will have on the economy of the Bahamas, our national employment picture and indeed the travel and leisure industry in the entire western hemisphere, I knew that ultimately, we would succeed in launching Baha Mar against all odds and the greatest economic turmoil since the Great Depression,” said Sarkis Izmirlian, chairman and CEO of Baha Mar.
Mr. Izmirlian envisioned the groundbreaking ceremony as the beginning of a journey that would return Nassau’s Cable Beach strip to the status of being the preeminent tourism destination in the Caribbean.
“Today begins the rebirth of the Bahamian Riviera,” he said. “Today begins the true journey of Baha Mar.”
Deputy Prime Minister Brent Symonette said Baha Mar will forge ahead with the redevelopment of the Cable Beach area. He pointed out that some preliminary road work has already begun in the area and the resort’s commercial village will begin in the second quarter of this year.
“The details of the Baha Mar Cable Beach redevelopment project have been painstakingly negotiated between the government and Bah Mar in order to ensure maximum benefits to the Bahamas and Bahamians from this project but also to ensure that the project will be well-received and hence successful for the investors and operators of Baha Mar,” the Deputy Prime Minister said.
Minister of Tourism & Aviation Vincent Vanderpool-Wallace pointed out that the opening of a new US departure terminal at the Lynden Pindling International Airport is scheduled for Friday. He said the two large scale projects provide the perfect bookends to a week that will be long-remembered in Bahamian history.
Minister Vanderpool-Wallace said Baha Mar has secured a prominent position for the Bahamas on the world stage.
“When people look and see what is happening in the Bahamas, they will know that there is something very special about this place when you see that there is nowhere else in this hemisphere, I think it is fair to say, that something of this sort is beginning to happen,” he said.
In addition to thousands of jobs that will be created by the resort, Baha Mar is also committed to establishing training programs to enhance the skills of Bahamian workers.
