by Lisa A. Grimaldi& ` | December 13, 2016

Chow Tai Fook Enterprises, a Hong Kong-based conglomerate whose holdings include Rosewood Hotels and Resorts, has signed an agreement to own and operate the Baha Mar Resort in Nassau, Bahamas. The company plans to open the first phase - which includes a hotel, a casino, a convention center and a golf course - of the long-stalled project by April 2017. Under the agreement, the new owner will acquire all issued capital from Perfect Luck Assets Ltd., including those Baha Mar Resort assets previously transferred to the company. The company is in talks with Hyatt, SBE (parent of the SLS Hotels brand) and Rosewood for the operation and branding of Baha Mar's hotels. 

CTFE has plans to invest an additional $200 million in the project to support pre-opening activities as well as the development of more family-friendly amenities, entertainment venues and offshore-island facilities.  

In a statement, Graeme Davis, president of CTFE's Bahamas subsidiary, said, "CTFE will dedicate significant, ongoing investment and resources toward the pre-opening and opening of Baha Mar Resort. We will also ensure that the Bahamian people and the region benefit fully from the project, which will create tremendous job and economic stimulus opportunities. Further, by combining our global hospitality expertise with the vibrant and authentic Bahamian culture, we will create a memorable, unmatched experience for guests of which all Bahamians can be proud."

Upon the announcement, Bahamas Prime Minister Perry G. Christie said, "We are delighted to have CTFE join Baha Mar Resort as the owner and developer, leveraging its expansive network and resources to open new markets and opportunities for the Bahamas that will deliver great benefits to the island and our people."

He added, "The government is confident that CTFE has the precise capabilities and track record to successfully complete and operate Baha Mar Resort from both a lodging and casino perspective. We look forward to having such a renowned and experienced company turn the vision for Baha Mar Resort into reality."