Baha Mar Announces Official Baha Mar Financial Close

NASSAU, Bahamas, Feb. 1, 2011 /PRNewswire/ -- Baha Mar announced today that it has closed on its financing and received all remaining approvals necessary to commence the world class destination resort project located on Cable Beach. All approvals were completed today thereby paving the way for the immediate launch of Baha Mar. The official Ground Breaking Ceremony is scheduled on Feb. 21, 2011 with construction to commence immediately.

Sarkis Izmirlian, Chairman and Chief Executive Officer of Baha Mar, said, "This is a historic day for the Baha Mar team as well as all Bahamians as we begin construction and deliver to The Bahamas this unique one of a kind world-class destination resort."

According to Mr. Izmirlian, "Our Management team has accomplished a major milestone and there is much to be proud of. We thank our partners, financiers, Export Import Bank of China, General Contractor and Investor and China State Construction and Engineering, as well as the government and people of The Bahamas, under the able leadership of Prime Minister Hubert Ingraham, for taking this leap of faith, and for placing their trust in us. We are committed to delivering the immediate and long term economic benefits to Bahamians both from its construction and eventually operations, and to give opportunities to thousands of Bahamians who can now look forward to a better future."

Baha Mar announced earlier its new hotel brand partners – including Rosewood Hotels & Resorts, Morgans Hotel Group and Hyatt Hotels & Resorts, which will be new major hotel operators for the Cable Beach Resort Area.

The entire Baha Mar project is forecasted to stimulate a cumulative $11.2 billion over the next 20 years to The Bahamas' gross domestic product including 12,000 new jobs. With 430,000 additional guests projected to visit The Bahamas annually, the revenues generated are slated to increase the average annual income for a Bahamian family from $29,000 to $33,500 in the first year.

SOURCE Baha Mar