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Tue, 13 December 2016

Chow Tai Fook Enterprises Signs SPA for Baha Mar Resort Acquisition

Chow Tai Fook Enterprises (CTFE), a Hong Kong-based global conglomerate, has signed an agreement to own and operate Baha Mar Resort.

The signed share purchase agreement (SPA) allows for the acquisition by CTFE of all issued capital from Perfect Luck Assets, including those Baha Mar Resort assets previously transferred to the company.

Graeme Davis , President, CTFE's Bahamas subsidiary, said, "CTFE will dedicate significant, ongoing investment and resources towards the pre-opening and opening of Baha Mar Resort. We will also ensure that the Bahamian people and the region benefit fully from the project, which will create tremendous job and economic stimulus opportunities. Further, by combining our global hospitality expertise with the vibrant and authentic Bahamian culture, we will create a memorable, unmatched experience for guests of which all Bahamians can be proud."

CTFE says it is is in discussions with several hospitality brands to be luxury hotel operators at Baha Mar including Grand Hyatt, SLS Hotels, and CTFE subsidiary, Rosewood Hotel Group.

To prepare for the opening of the casino hotel and casino, CTFE is putting together a leadership team of executives from internationally recognized brands. It plans to begin recruiting employees for the casino in the new year and is also in discussions to form marketing alliances with leading global gaming companies.

Upon completion of the project by China Construction America (CCA) and EXIM Bank, CTFE plans to open the resort in phases, beginning with phase one in April 2017, which will include the casino hotel, casino, convention center and golf course.

The company estimates that more than 1,500 jobs will be generated for Bahamians within this first phase.

CTFE says it has plans to invest an additional US $200 million in the project to support pre-opening activities as well as the redevelopment of the prime beachfront Crystal Palace Casino Hotel site, and the development of additional family-friendly amenities, entertainment venues and offshore island facilities.

"We are delighted to have CTFE join Baha Mar Resort as the owner and developer, leveraging its expansive network and resources to open new markets and opportunities for The Bahamas that will deliver great benefits to the island and our people," said the Right Honourable Prime Minister, Perry G. Christie. "The government is confident that CTFE has the precise capabilities and track record to successfully complete and operate Baha Mar Resort from both a lodging and casino perspective. We look forward to having such a renowned and experienced company turn the vision for Baha Mar Resort into reality." 

See other recent news regarding: Chow Tai Fook, Baha Mar, Bahamas.

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