Government and Baha Mar sign $350 million Heads of Agreement for resort’s expansion
The Government of The Bahamas and Baha Mar entered into a Heads of Agreement for a $350 million expansion of the resort on Cable Beach.
It was deemed “a big day for tourism and investments” in the country, as it also marked the beginning of an exciting new chapter for Baha Mar.
The agreement was signed during a press conference held on Wednesday, September 18, 2024 at Baha Mar’s Rosewood property.
In attendance were the Hon. Philip Davis, Prime Minister and Minister of Finance; the Hon. Chester Cooper, Deputy Prime Minister and Minister of Tourism, Investments and Aviation; Secretary to the Cabinet Mrs. Nicole Campbell; Phylicia Woods-Hanna, Director of Investments; Graeme Davis, President of Baha Mar; Robert ‘Sandy’ Sands, Baha Mar Senior Vice-President; and other officials.
“Today’s signing is a clear indication of the strength and resilience of our tourism industry and economy and a reminder of the opportunities ahead,” said Prime Minister Davis. “Today marks the beginning of an exciting new chapter for Baha Mar, one that underscores the strength of our nation’s tourism industry and its incredible potential.”
He observed that the expansion of Baha Mar, with its continued investment in the development of Cable Beach, is a shining example of how the country continues to attract significant global investment.
“This project represents a commitment to the ongoing growth of our economy and the enduring confidence investors have in The Bahamas.”
From developing a new condominium-hotel complex to expanding world-class amenities, this expansion will further elevate Baha Mar’s already outstanding reputation as a premier destination. Baha Mar plans to add a 4th luxury resort as the next phase of its continued development: the groundbreaking ceremony is scheduled for 2026 with a projected opening in 2029. It will engage a workforce of about 400 at construction site, and 500 employed upon completion.
Designed by internationally recognized architect and designers Foster + Partners, the resort will be situated on 12 beachfront acres where Melia Nassau Beach resort once stood. It will feature 350 rooms and 50 luxury branded residences overlooking the turquoise waters of Cable Beach. Amenities will include four new restaurants, a 14,000 square-foot world-class spa and fitness centre, luxury retailers, pools, and additional family amenities.
The new hotel will also feature 25,000 square-feet of dedicated indoor and outdoor event space, a 10,000 square-foot ballroom, 6,000 square-foot junior ballroom, and entertainment lounges.
These initiatives will aim to enhance guest experiences and create hundreds of new jobs for Bahamians, ensuring that Baha Mar continues to be a key driver of economic success.
“This dawn of a new chapter for Baha Mar is a signal to the world that The Bahamas is open for business, ready to embrace new opportunities, and steadfast in our vision of sustainable growth.
“Baha Mar’s continued growth is a powerful demonstration of what can be achieved through true partnership,” the prime minister said.
He added that the expansion reaffirms the strength of the government’s relationship with CTF BM Holdings and its parent company, highlighting their deep-rooted commitment to the country’s development.
“Let this be a model for future projects — where collaboration, mutual respect, and shared goals can unlock extraordinary potential,” he said.
Tourism Minister Cooper called it a “transformative announcement”, and that Baha Mar has already provided a significant boost to the local tourism product over the past seven years.
He said this speaks to the “long-term commitment” by a significant corporate citizen that the nation is poised for prosperity, and that it was “a big day for tourism and investments.”
Baha Mar’s Graeme Davis, too, underscored the importance of the expansion project to the Bahamian economy.
“Baha Mar is committed to creating spectacular experiences and this $350 million capital investment in our world-class resort collection underscores Baha Mar’s role as a catalyst for continued economic growth and job creation in The Bahamas,” Mr. Davis said, adding that Baha Mar was grateful to the government for its continued support and the collaborative partnership in bringing about this new development.
In conclusion, the prime minister said, “Friends, we are entering a brave new era. An era defined by the remarkable investments we see today and the full maximization of Bahamian potential.
“While we celebrate the expansion of Baha Mar and welcome new investments, what matters most to me is ensuring that Bahamians are not just participants, but leaders in our tourism industry,” he said.
By: LINDSAY THOMPSON/Bahamas Information Services
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