Wednesday, August 10, 2005
Baha Mar Eyes Hotel Partner
The Baha Mar Development Company is in advanced stages of negotiations for a hotel partner and intends to meet an August 30 deadline to formalize an agreement in this regard, a company official said on Tuesday.
The company, which is carrying out a $1.2 billion redevelopment on Cable Beach, is also seeking a casino partner.
In the meantime, Baha Mar has embarked on a $15 million renovation of its properties on Cable Beach with a key element of the plan being the renovation of the Crystal Palace Casino.
In fact, Mr. Heller said the casino is undergoing "the largest amount of immediate change. If you come into the casino you would see already new slot machines on the floor. I’m sure most people realize that the gaming equipment was very old and we have state-of-the-art slot machines coming," he said.
A section of the casino has been closed off as part of the renovations.
The Baha Mar executive also reported that upgrade of some rooms at the Wyndham has already started. "We are going to be undertaking a major redevelopment programme," he added, noting that the work already taking place is only an interim step in improving the properties during the pre-development stage of Baha Mar.
As it relates to the design of the mega resort, company officials continue to note that there is a lot that has not yet been set in stone. Mr. Heller said, "We are evolving our plans as we discuss with our partners how everything fits together and we will be tearing down some portion of the properties in various stages. Our goal is to keep as much running as long as possible to minimize the impact on jobs and keep as many people as possible employed and transition them all to the overall Baha Mar complex when it opens." He added, "The final design is what you have when you start construction."
Baha Mar executives once viewed the Wyndham, formally owned by Wichita businessman Phil Ruffin, as the most neglected of the properties they bought at Cable Beach.
But Mr. Heller said that is all changing.
Baha Mar has plans to create a commercial village that will accommodate the business and government offices that are presently along the Cable Beach Strip which will be affected by development in the area.
The creation of the village will pave the way for the diversion of the West Bay Street, which officials say is slated to begin January 2006. Baha Mar has asked Bahamian architects to submit proposals for this aspect of the project.
The company, which is carrying out a $1.2 billion redevelopment on Cable Beach, is also seeking a casino partner.
In the meantime, Baha Mar has embarked on a $15 million renovation of its properties on Cable Beach with a key element of the plan being the renovation of the Crystal Palace Casino.
In fact, Mr. Heller said the casino is undergoing "the largest amount of immediate change. If you come into the casino you would see already new slot machines on the floor. I’m sure most people realize that the gaming equipment was very old and we have state-of-the-art slot machines coming," he said.
A section of the casino has been closed off as part of the renovations.
The Baha Mar executive also reported that upgrade of some rooms at the Wyndham has already started. "We are going to be undertaking a major redevelopment programme," he added, noting that the work already taking place is only an interim step in improving the properties during the pre-development stage of Baha Mar.
As it relates to the design of the mega resort, company officials continue to note that there is a lot that has not yet been set in stone. Mr. Heller said, "We are evolving our plans as we discuss with our partners how everything fits together and we will be tearing down some portion of the properties in various stages. Our goal is to keep as much running as long as possible to minimize the impact on jobs and keep as many people as possible employed and transition them all to the overall Baha Mar complex when it opens." He added, "The final design is what you have when you start construction."
Baha Mar executives once viewed the Wyndham, formally owned by Wichita businessman Phil Ruffin, as the most neglected of the properties they bought at Cable Beach.
But Mr. Heller said that is all changing.
Baha Mar has plans to create a commercial village that will accommodate the business and government offices that are presently along the Cable Beach Strip which will be affected by development in the area.
The creation of the village will pave the way for the diversion of the West Bay Street, which officials say is slated to begin January 2006. Baha Mar has asked Bahamian architects to submit proposals for this aspect of the project.
