While stressing that he continues to work extremely hard to close a deal with the Izmirlian group for the redevelopment of Cable Beach, Prime Minister Perry Christie has indicated that there are back-up proposals that the government may still consider.
In a recent interview with The Bahama Journal, the prime minister said he is still confident that ongoing negotiations will lead to the present group of investors signing a heads of agreement with the government.
But he also pointed to other offers that could get attention.
“My optimism has been re-enforced,” said Mr. Christie, referring to the negotiations with the Baha Mar investors, of which the Izmirlian family is a part.
“I am confident that we are going to be able to reach agreement on the deal and really it is for the would-be purchasers and Mr. Ruffin to consummate that deal,” he said.
“But you know, there is a lot of interest in The Bahamas and I’m being advised that there is now considerable interest in Cable Beach and that even though we are still working with the Izmirlian group, we are told that there are other would-be purchasers now in the wings, meaning that there are people who are interested in buying and developing as well.”
He added, “But I expect in the not too distant future to have a transaction that we can present to the Bahamian people.”
The much-touted billion-dollar deal was placed in jeopardy last month when the developers failed to meet a deadline to complete their due diligence and come up with the money to purchase the Wyndham Nassau Resort and the Nassau Beach hotels, which are owned by American hotelier, Phil Ruffin, who was the prime minister’s client before he came to office.
Following the deadline, Mr. Ruffin told The Bahama Journal that his hotels were off the market and he was in fact considering whether to make renovations of his own.
However, he also left the door open, saying that he would reconsider a deal with the Izmirlian group if it were to make a new offer to him.
Asked whether Mr. Ruffin is now back around the negotiating table, the prime minister responded, “I don’t know. I haven’t spoken to Mr. Ruffin with respect to whether he’s talking to the developers.
“He’s right with respect to his contract and as I’ve indicated before, I happen to have a lot of confidence in the process that I’m involved in that I have communicated to all of the parties and others who have expressed an interest in Cable Beach before this particular transaction that we have to improve radically the product at Cable Beach. There is no question about that. There is no alternative.”
Mr. Christie said he continues to spend a considerable amount of energy pushing the deal he believes would bring untold benefits to Bahamians.
“So really, I’ve just been focusing on moving ahead, on narrowing the issues that separate the government from the developers,” he said. “I think we have done that, putting them in a position in a matter of days to at least say that between the developers and the government we have a full agreement.
“And then it’s up to Mr. Ruffin.”
Candia Dames, The Bahama Journal
