Baha Mar's new owner is affiliate of project's primary lender

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Baha Mar's ex-developer has said that the resort is 97% complete.
Baha Mar's ex-developer has said that the resort is 97% complete.

The assets of the unfinished Baha Mar resort have been sold to an affiliate of Export-Import Bank of China, the project’s primary lender.

The entity, called Perfect Luck Holdings, will likely resell the Bahamas mega-resort once it is completed.

The office of Bahamas prime minister Perry Christie confirmed the sale. Christie in late August said it reached an agreement with Export-Import Bank of China to sell Baha Mar to a "world-class hotel and casino operator," which obviously did not happen.

Christie's office said that Perfect Luck "may sell the resort to whomever it wishes, subject to the proposed purchaser being acceptable to the government and other bodies performing their public function."

Ousted developer Sarkis Izmirlian, who has been trying to regain ownership of Baha Mar, claimed that his most recent offer was "far superior economically" than Perfect Luck's.

"If our offers had been considered, it is very likely that Baha Mar would be open today, employing thousands of Bahamians," Izmirlian wrote in an Oct. 10 letter to Export-Import Bank of China president Liu Liange.

The prime minister’s office referred questions to Deloitte, the project’s receiver, but Deloitte declined to comment when reached by Travel Weekly on Wednesday.

The 1,000-acre beachfront project, which broke ground in 2011, is slated to include five hotels totaling about 2,200 rooms as well as a casino, a 200,000-square-foot convention center and a Jack Nicklaus-designed golf course.

The project ground to a halt last year after Izmirlian and an affiliate of China State Construction Corp., the project's primary contractor, began blaming each other for delays. That was followed by Izmirlian's failed attempt to file for bankruptcy in a U.S. court. Izmirlian laid off 2,000 employees last September. 

Last month, Hyatt Hotels and SBE Entertainment Group recommitted to operating Baha Mar hotels. Baha Mar construction resumed in September.

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