The proposed $1.2 billion redevelopment of the Cable Beach strip moved a step closer to fruition yesterday after the group behind the project announced it had “completed a purchase agreement” to acquire the Wyndham Nassau and Nassau Beach hotels.
The deal will also see the Baha Mar Development consortium, headed by Lyford Cay billionaire Dikran Izmirlian and featuring US and European investors, acquire the Crystal Palace Casino from US-based hotelier Philip Ruffin.
Baha Mar added that its acquisition of the government owned Radisson Cable Beach resort from the Hotel Corporation of the Bahamas was now “imminent” and it was now entering into Heads of Agreement negotions with the government.
The consortium said it’s plans involve developing Cable Beach into a leading resort and gaming destination, and it was negotiating with international hotel and gaming brands to operate the first three hotels in redevelopment.
Baha Mar said an economic impact assessment of the project, prepared by the Glkobal Insight financial analyst firm had estimated that about 4,700 full-time jobs for Bahamians would be created during the first 12 months of construction.
The Tribune
