It appears as though the much-anticipated Baha Mar resort project in The Bahamas could resume constructiion next month
VIPs disappointed by The Bahamas’ stalled $3.5 Baha Mar resort development may have something to smile about next month.
Several media outlets are reporting that the mega resort development that has been halted for more than year will resume construction by September.
Tribune 242 is reporting that The Bahamas' Prime Minister Perry Christie announced Monday night that the government and the Export Import (EXIM) Bank of China have entered into an agreement to have Baha Mar, an estimated $3.5 billion resort development, completed and sold to a “world-class hotel and casino operator.” Construction is expected to resume in September, according to the report.
Around this time last year, Baha Mar announced that its affiliated entities that commenced Chapter 11 cases before the United States Bankruptcy Court for the District of Delaware had filed a Chapter 11 Plan of Reorganization with the Bankruptcy Court.
According to the Tribune 242 report, the EXIM Bank has committed to funding the costs to finish the project and the resort’s general contractor, China Construction America (CCA) Bahamas, will complete the outstanding work. According to the Tribune 242 report, Christie said CCA will also resolve outstanding claims with its suppliers and contractors.
He also said thousands of former Baha Mar employees will receive outstanding amounts due to them including unpaid salaries, severance pay, accrued vacation pay and notice of payment due to termination, according to Tribune 242.
Baha Mar was originally slated to house five top-level hotels — Baha Mar Casino & Hotel, Grand Hyatt at Baha Mar, SLS LUX at Baha Mar, Rosewood at Baha Mar and Melia at Baha Mar — and is intended to be a destination within a destination in the Caribbean.
This article originally appeared on TravelAgentCentral.com