Investments

Bahamas happy with substantial cash injection

Bank Of America Investment Baha Mar Development Company Limited have announced the completion of a Heads of Agreement with the Government of The Bahamas, defining terms for the long-anticipated $1.2 billion investment in Nassaus Cable Beach resort strip.

Substantial investment has been ploughed into the resort and ski area over the past few years and more is planned, 08.

Investment Opportunity The agreement, which includes the purchase of the Radisson Cable Beach Resort from the government-owned Bahamas Hotel Corporation, comes 6 days after the group announced its purchase of the Nassau Beach Hotel and Wyndham Nassau Resort & Crystal Palace Casino from developer Philip Ruffin.

Banc Of America Investment The major redevelopment and construction of the properties is scheduled to begin in 2007, although management has announced immediate plans to make substantial investments in improving guest and employee areas.

Find a hard money loan based on real estate equity. Quick cash for for construction, rehab, bridge, foreclosures, investments!

Banking Investment The project will create a world-class resort and gaming destination incorporating globally recognised hotel and casino brands with their enormous marketing power and high service standards. Phase I of the multi-property mega resort will accommodate 2,700 guest rooms across a broad spectrum of price points and multiple hotel experiences; 175,000 square feet of meeting and convention facilities; and a new 18-hole championship golf course.

The lowest average returns in the whole country are reported for the South West at 10.66% for a cash purchase and 21.27% for a geared investment. The highest returns of all are to be found in Scotland, Wales and Northern Ireland, at 11.83% for a cash purchase and 24.25% for geared investments. The highest returns in England are found in the North East with 11.42% for cash purchases and 23.23%, geared investment.

Investment Solution Strategic At 75,000 square feet, the proposed Las Vegas style casino will be the largest in the Caribbean. The resort will also boast a number of unique attractions and activities available to guests of the resorts, cruise passengers and the Bahamian public.

Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

Investment Banking Services The Heads of Agreement and our 1.2 billion dollar phase one investment is a major step for our company and an unprecedented event for The Bahamas, said Baha Mar Vice Chairman, John Forelle.

Bank Investment I wish to acknowledge my respect for the Prime Ministers vision and confidence that this project will produce the desired rebirth at Cable Beach, and to assure the Bahamian people of Baha Mars commitment to The Bahamas, to the employees at Cable Beach, and to the visitors of the resorts.

An economic impact assessment, prepared by international financial analyst firm, Global Insight, revealed that work on the building and renovation of the new Cable Beach area would spawn the need for approximately 5,300 full time jobs during the first twelve months of construction, with first year construction wages estimated at US$140 million.

Alternative Investment The report also estimated that the project would provide direct employment for an additional 4,100 Bahamians in its first year of operation with a likely increase of about 35 per cent by year two. Total employment is estimated to grow from 6,400 to almost 9,000 in the first three years of the resorts operation.

Online Investment Services Robert Heller, Baha Mar President and Chief Financial Officer said, The creation of Baha Mar will have an enormous positive impact on The Bahamas, cementing it as the pre-eminent destination in the Caribbean. A mega-resort at Cable Beach would place New Providence at the levels of Las Vegas and Orlando as must-visit destinations, and enable The Bahamas to compete on a global scale, broadening its attraction to the western United States, Europe and Asia.

Accompany Essential Investment Heller also added, We are confident that our expertise and vision will fully execute the Governments objective to establish Cable Beach at the forefront of resort destinations globally. We have assembled a diverse and senior team of executives with a wealth of experience in the hotel and gaming industry to coordinate and execute the redevelopment of Cable Beach. Our team is drawn from the senior management at some of the worlds most celebrated companies, such as Disney, Universal, Mandalay Bay, and Mirage resorts. They are the very best in the industry.

Investment Company Michael Sansbury, Baha Mar Executive Vice President, and former Vice President of Loews Hotels at Universal Orlando Resort, Florida, said,

Investment Management Solution Our interest in this project lies in establishing a world-class mega-resort that will surpass visitor expectations." Sansbury also expressed optimism for a smooth transition:, While the design of the new resort elements is being completed, we will operate the three hotels at much improved standards, focusing on employee training, upgrading services, exploring linkages with Bahamian entrepreneurs and businesses, and enhancing the current properties.

[ Comment, Edit or Article Submission ]