Baha Mar developer files for bankruptcy
There is more uncertainty ahead for guests hoping to finally experience the much delayed Baha Mar mega resort in the Bahamas.
The developer behind the project, lead by Bahamian businessman Sarkis Izmirlian, has filed for Chapter 11 bankruptcy protection, blaming repeated construction delays by its Chinese contractor.
After an original November 2014 and further opening deadlines were missed, Baha Mar had been paying more than $4 million a month in staff costs for 2,000 employees and was forced to refund $6 million to guests who had already booked rooms.
It will continue to fund the project with $80 million in bankruptcy financing, according to a US court filing.
"I am committed to doing all I realistically can to move Baha Mar forward to be completed and opened successfully," Izmirlian said.
"Unfortunately, our efforts, as well as those of the Bahamian government, have not accomplished that objective. Construction on the project remains incomplete and, consequently, we have not been in a position to set a revised opening date," he said.
When finally completed, the $2 billion will comprise 2,200 rooms in four hotels, a casino, luxury condominiums, and an 18-hole golf course.
A fifth hotel, the Melia Nassau Beach Hotel, which is already open for business, will continue to operate during the Chapter 11 period.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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