OBB Resort braces for expansion
Old Bahama Bay resort (OBB Resort) is staking its claim in Grand Bahama, acknowledging its mutual interests with other stakeholders and hinting that major developments are down the road.
OBB Resort, the owner of 225 acres of resort and commercial property in the west-end of the island, says it will be a key player in any future development.
G-LA Resorts Holdings (Bahamas) Ltd., which recently acquired 1,500 acres of land, an airport and 632 finished lots after Ginn Sur Mer foreclosed on its debts, is now a considerable land-holder in Grand Bahama.
The two working in tandem could mean a much-anticipated boom for Grand Bahama.
Erik Russell, the president of Keen i Media Ltd., the company representing OBB Resorts, said the message is that stakeholders must work together to achieve success.
“The main point here is in the past week or so, the statement coming from other developers is they hold the keys in the master plan,” he told Guardian Business.
“But really the master plan is in the Old Bahama Bay Resort Group. They have control over the key properties. OBB Resorts is responsible for the largest commercial and resort development, whereas G-LA resorts will be residential. We are intertwined properties.”
Meanwhile, OBB Resorts have partnered with The Crave Group, an established real estate investment, management and development firm based in Montreal, Canada.
G-LA Resorts has also joined with a Canadian developer out of Vancouver – Replay Resorts Inc.
Lorne Bassell, the CEO and president of the Crave Group, called Grand Bahama a “community of developers”, not just one single entity.
“What that means is that present and future property owners can take comfort in the diversity of expertise and the concentration of focus,” he said.
“We’re happy to see other developers and investors involved. Anyone who understands this industry knows that having more participation from distinct contributors is benefical to the entire effort, especially in today’s market.”
Bassel also noted that G-LA Resorts has “responsibility for the peripheral lands around much of the OBB Resorts-controlled golf course and resort hub”, leading to a symbiotic relationship between the two parties.
And as G-LA Resorts and Replay Resorts move forward on development, Russell hinted OBB Resorts plans to also throw its hat in the ring.
“There are a few things on the table,” he revealed.
“This transition is really changing the paradigm for Grand Bahama. It’s really a good thing and if nothing else it brings clarity where it was foggy before.”
West End Resort Ltd. (WERL) has been earmarked as a partner for this further development, Russell added.
Senior project manager at OBB Resorts, Derek Gape, said while its property might be smaller in total acreage than G-LA Resorts, its significance and potential are tremendous.
“The primary high value portions of the entire development are where our attention is focused,” he added. “With the Old Bahama Bay condo hotel and marina as the existing anchor property, we are working to extend that success along the north shore beach land. That’s the natural and obvious path of progression for the property.”
Courtesy of The Nassau Guardian
Old Bahama Bay resort. Photo: Erik J. Russell / Keen Media Ltd
NG Business Editor