Chow Tai Fook Enterprises Limited (CTFE), a Hong Kong-based hospitality conglomerate, will purchase and operate Baha Mar Resort in the Bahamas, a mega-resort with a reported value of $3.5 billion.
CTFE will acquire the issued capital from Perfect Luck Assets Limited (Perfect Luck) including Baha Mar Resort assets previously transferred to the company. CTFE has plans to invest an additional $200 million in the project to support pre-opening and redevelopment activities.
Graeme Davis, President of CTFE’s Bahamas subsidiary, stated: “CTFE will dedicate significant, ongoing investment and resources towards the pre-opening and opening of Baha Mar Resort.”
CTFE is in discussions with several global hospitality brands to be luxury hotel operators at Baha Mar. These include Grand Hyatt, SLS Hotels, and CTFE subsidiary Rosewood Hotel Group. It is also in discussions to form marketing alliances with global casino gaming firms.
CTFE maintains a diversified, international business portfolio across the commercial real estate, hospitality, retail and transportation industries.
Among the publicly listed companies controlled by CTFE are New World Development Company Limited, a property developer with a reported market capitalisation in excess of $10 billion; NWS Holdings Ltd, an infrastructure and transportation company with a market capitalisation in excess of $6 billion; and Chow Tai Fook Jewellery Group Limited, one of the largest jewellery retailers in the world with a market capitalisation of over $8 billion.
Upon completion of the project by China Construction America (CCA) and EXIM Bank, the company intends to open the resort in phases, beginning with phase one in April 2017. This will include the casino hotel, casino, convention centre and golf course.
(Source: Deal Street Asia)