A landmark Bahamas hotel has been sold to a Chinese state-run firm.
The British Colonial Hilton hotel in Nassau has been acquired for an undisclosed sum by China State Construction Engineering Corporation (CSCEC) which will redevelop the property and adjacent vacant land.
CSCEC is also heavily involved in building the $3.5 billion Baha Mar project on Cable Beach, in which it has a stake worth $150 million.
The British Colonial Hilton dates back to the early 20th century and featured as a film location in the James Bond movie ‘Thunderball.’
The hotel was previously renovated in 2009.
Bahamian officials said the company plans to upgrade the hotel to create luxury accommodation and build condo units on an adjacent parcel of land.
A new multi-story garage building will also be added with a roof top garden, function rooms, high-end retail shopping, restaurants, a nightclub, a marina and boardwalk.
Bahamas Prime Minister Perry Christie said the deal is "beneficial to the country," and will create 250 construction jobs and 500 permanent jobs.
"My Government’s objective has been not only to secure a qualified buyer to upgrade and operate the Hilton Hotel, but one with the means to proceed forthwith to develop the vacant property to its fullest potential for the greatest economic benefit to both the investors and the local economy, Christe said.
