Bahamas News

At $10,000 per night, the Penthouse Suite at the Reef Atlantis on Paradise Island is among the 101 top hotel or resort suites of the year, according to lifestyle magazine ‘Elite Traveler.’

The magazine, which caters to the global “jet set,” released the list of 101 Top Hotel/Resort Suites of The Year in its July/August issue.

The publishers of the magazine contend that despite the current trend toward ‘staycations’ for much of the population, the so-called “super-rich” continue to traverse the globe on private jets.

It is contended that Elite Traveler readers average 41 trips per year, including 10 intercontinental trips.

The most expensive suite on the 101 Top Suites this year is in Europe, the $52,000 per night Royal Penthouse Suite at the Hotel President Wilson in Geneva Switzerland, followed closely by the $50,000 per night Royal Villa at the Grand Resort Lagonissi in Attica, Greece and the $21,000 per night Imperial Suite at the Park Hyatt Paris-Vendome.

In the United States, the most expensive suite is the Ty Warner Penthouse at the Four Seasons Hotel New York at $30,000 per night, also notable as the most expensive suite ever built in the United States.

The magazine’s editorial director, Laura Hughes, said her readers spend more than $400,000 per year at hotels and resorts.

“So price isn’t an issue to them,” she said. “We just want to alert them to the most unique design styles, best services, and new amenities in the most amazing locations, whatever the price.”

Approximately one-third of the suites on the list cost over $10,000 per night, but a few locations with a so-called “winning combination” of service, amenities, style, and location are included, supposedly within the grasp of those seeking a “once-in-a-lifetime jet set experience.”

An Ocean Front Suite at Fort Lauderdale’s St. Regis Resort, a one bedroom suite at the Palms Place Hotel and Condo, Las Vegas, Suite #1 at Phinda Mountain Lodge, Phinda Private Game Reserve in South Africa, and a pool villa at the Alila, Cha-Am in Amphur Cha-Am, Thailand all rank among the best in the world and can be secured for less than $1000/night.

The magazine’s publishers said “101 Top Suites” was compiled by the editors of Elite Traveler and a panel of celebrity readers including Barry Manilow, Lindsay Davenport, Sean Combs, and Kelly Ripa.

Other suites in the region that made the list include the Amanyara Suite at the Ocean Villas, in Providenciales, Turks and Caicos ($12,000 per night), and the Eden Rock Suite at Villa Nina in St. Barths, which goes for $76,100 per week.

Source: Bahama Journal

Baha Mar Resorts Ltd. has introduced the Seawater District Cooling Program, a new initiative that proposes to provide environmentally-responsible energy solutions for the Cable Beach area.

Representatives of the company recently met with the National Energy Policy Committee, which under the leadership of Phenton Neymour, minister of state for Public Works, is mandated to provide a National Energy Policy for The Bahamas. Under that policy, the focus would be on Renewable Energy Technologies.

During the meeting Baha Mar officials outlined to members of the committee the program’s various energy-efficient and cost-effective measures on power, water and air conditioning systems for their properties on Cable Beach, it was reported.

Benefits for Baha Mar and the wider Cable Beach area include:

– Reduced demand for electrical power generation capacity by The Bahamas Electricity Corporation

– Potential energy savings in excess of 90 percent compared to conventional air conditioning

– 25,000 MWhr per year electricity usage decrease

– Displacement of over 43,000 barrels of oil and 21,000 tons of carbon emissions per year

– Increased fuel flexibility and energy security

– Stable utility costs

The new program will use “green” technology and renewable resources to provide air conditioning on a large scale, thus helping to reduce the impact on global warming.

“Baha Mar believes whole-heartedly in doing its part to protect and preserve the environment for today’s and future generations,” said John Pagano, president, Baha Mar Development Company. “We have a unique opportunity to bring about important and positive change that will lead to more efficient use of energy and cost savings, and are fully committed to continuing in these efforts as we go forward.”

The Seawater District Cooling program is part of Baha Mar’s on-going efforts and commitment to the local environment and the community it serves.

Source: Bahama Journal

Refusing to accept any blame for the decision by Harrah’s to abandon its celebrated joint venture partnership with Baha Mar Development Company, former Prime Minister Perry Christie on Tuesday accused Prime Minister Hubert Ingraham of “sabotaging” the Cable Beach redevelopment deal and “pronouncing a sentence of death” on the arrangements the two companies had.

Mr. Christie called a press conference on the matter at the Office of the Leader of the Opposition on Parliament Street, but refused to answer any questions from reporters after he made a statement.

That statement came a day after Prime Minister Ingraham laid out in the House of Assembly what he said were the facts surrounding the decision by Harrah’s to pull out of the deal last Thursday.

He defended remarks he made in the House last week, expressing doubts about whether the $2.6 billion Baha Mar project would proceed as planned.

As reported by the Bahama Journal on Tuesday, the prime minister characterized his remarks made last week as an attempt to address unrealistic expectations.

“There has been a lot of hype about the Baha Mar project, and expectations for the project and from the project are high on the part of many persons in The Bahamas,” he said.

“Knowing what I knew last Wednesday, I sought to begin to dampen public expectations of a project whose commencement was likely at best to be delayed. In doing so, I chose to state an incontrovertible fact: I was not satisfied that the funding arrangement for the project was in place.”

But Mr. Christie on Tuesday accused Mr. Ingraham of misleading the country on the matter.

He said Mr. Ingraham’s own words spoken in parliament on Monday betray him.

“By his statement [on Monday] to the House, he became aware of the problems on the 3rd of March. Yet he came to parliament on the 6th of March to ask for the deal to be approved by parliament acting as if nothing had happened,” Mr. Christie said.

Last week, members of parliament debated a resolution to authorize the treasurer to transfer certain government land to Baha Mar pursuant to its agreement with the government.

They passed the resolution on Thursday, but Mr. Ingraham made it clear that the land would not be transferred right away.

In its letter to Baha Mar terminating its arrangements, Harrah’s pointed to the land issue as a key concern.

Mr. Christie said that now that deal has gone sour, the prime minister argues that his “ill-considered language” last week was used to lower the public expectations because he knew the deal was in trouble.

“The prime minister should have come clean on the 5th of March, postpone the House and work with the joint venture partners to ensure that the deal would succeed. That is what a real prime minister would do. Instead he sabotaged the deal,” he said.

“Further, the prime minister’s statement in the House of his having doubt in Baha Mar’s ability to implement the project was a lack of good faith by the government, as a joint venture partner with Baha Mar; thereby, undermining the confidence of other investors in The Bahamas.”

Mr. Christie said that to request the parliament to authorize the transfer of public lands to the Baha Mar project, while voicing a lack of confidence in the project, demonstrates that either Mr. Ingraham lacks the sound judgment expected from a prime minister or that he is motivated by something other than the national interest of The Bahamas.

“Try as he might to twist the story and make it the fault of the PLP, the prime minister must own up to his faults and his ill-considered language spoken in parliament on the 5th of March. He must accept the blame and responsibility for setting back, if not killing, what promised to be the largest single development in our history,” Mr. Christie said.

The former prime minister noted that PLP MPs “warned” Mr. Ingraham that his language would have such an effect.

“The record shows that our warning was ignored,” he said. “It is now clear that if the Cable Beach project fails, it will be Mr. Ingraham’s own fault.

Mr. Christie also said, “The fact of the matter is that in his anxiety to show that he was smarter than the PLP and could come up with a better deal, the prime minister may actually have ended up pronouncing a sentence of death on the whole Harrah’s/Baha Mar joint venture, by fundamentally changing the approach to the land transfers.”

He stressed again that the prime minister’s action in the House of Assembly was the critical element in the decision of Harrah’s to leave The Bahamas.

In its letter to Baha Mar, Harrah’s pointed to numerous factors that led to its pullout, including long delays.

“The long delays in reaching agreement with the government and completing the assemblage of the relevant land rights have contributed to considerable doubt about whether the project can be financed at all given the continuously deteriorating debt markets,” wrote Charles L. Atwood, a Harrah’s executive.

Mr. Christie noted that there were indeed other factors than Mr. Ingraham’s comments, but he insisted that the prime minister’s “intemperate language” and the fear that the land conveyances were in doubt “were the straws that broke the camel’s back.”

He accused Mr. Ingraham of seeking to “cover up, confuse and gloss over the truth.”

“Mr. Ingraham wrecked the deal,” the former prime minister asserted.

He said the Opposition feels for the Izmirlian family (the Baha Mar developers), and is gravely concerned about Bahamian contractors and others who would have benefited from the development.

“We are also deeply concerned about the present employees at the casino at Cable Beach, some of whom are now working just two days per week,” Mr. Christie said.

“We must also consider the fate of those thousands of high school leavers who look forward to the jobs that this project was to create.”

The former prime minister urged the media not to fall prey to “the prime minister’s spin trap, which seeks to assign blame where it does not belong.”

Mr. Christie insisted that the Baha Mar project is “in deep trouble.”

“The PLP nurtured this project, kept the parties together, and kept the deal alive,” he said.

“Within 10 months, the government of stop, review and cancel has now placed the livelihoods and well being of tens of thousands of Bahamians at risk simply because they cold not see their way clear to approve a project left behind by the PLP.”

Mr. Christie said the project cannot and should not fail.

Source: Bahama Journal

In what could be described as an attempt to save the Baha Mar deal, Prime Minister Hubert Ingraham announced in the House of Assembly on Monday that his government would proceed with the Baha Mar approvals process as though the developer had a joint venture partner.

Mr. Ingraham said his administration would, by this process, seek to put Baha Mar on the best possible footing to either attract a new joint venture partner or revive its relationship with Harrah’s.

Much has been made of the prime minister expressing his doubts in the House of Assembly last week about the ability of Baha Mar to finance the redevelopment project.

Harrah’s, for example, cited the remarks as part of its reason for pulling out, and the Official Opposition PLP says the PM’s remarks were “reckless.”

Mr. Ingraham defended his remarks of last week by tabling correspondence between Harrah’s, Baha Mar and the government of The Bahamas that called into question the ability of the Cable Beach redevelopment to go forward.

He tabled a March 6 letter from Harrah’s Vice Chairman Charles Atwood to Baha Mar, laying out some of the casino giant’s issues, which states right off the bat that Harrah’s has concluded after lengthy evaluation that the Baha Mar project is unlikely to succeed as currently structured.

Harrah’s cited “long delays in reaching agreements with the government on completing the assemblage of the relevant land rights” as cause for “considerable doubt about whether the project could be financed at all.”

“These delays also raise grave concerns about increased cost and risk, and create apprehension about your ability to execute in a timely manner. When coupled with Prime Minister Ingraham’s comments to the House of Assembly (on Thursday) we do not believe the land will be delivered to the joint venture as planned,” Mr. Ingraham quoted, reading from the letter.

“As you are aware,” he continued to read, “this issue has been of utmost importance to us from the inception of our negotiations, as without these land conveyances the project cannot proceed.”

Mr. Ingraham read the entire letter into the record, which concluded by noting that there were a number of conditions between Harrah’s and Baha Mar that had gone unmet.

The prime minister characterized his remarks made last week as an attempt to address unrealistic expectations.

“There has been a lot of hype about the Baha Mar project, and expectations for the project and from the project are high on the part of many persons in The Bahamas,” he said.

“Knowing what I knew last Wednesday, I sought to begin to dampen public expectations of a project whose commencement was likely at best to be delayed. In doing so, I chose to state an incontrovertible fact: I was not satisfied that the funding arrangement for the project was in place.”

Mr. Ingraham differentiated carefully between his concerns about the challenge in financing the Baha Mar project versus the financial soundness of the principals of the project, the multimillionaire Izmirlian family.

The prime minister explained that until he got a phone call and later an email last Monday night (March 3), the government had no idea that there were difficulties between Baha Mar and Harrah’s. He explained that plans for a March 18 groundbreaking ceremony featuring Baha Mar, Caesars and Harrah’s executives had been scheduled that day.

“That same night, just after 8pm, I was telephoned at my home and informed that Harrah’s was reconsidering its involvement in the project in light of ‘the prevailing financial climate’ and that ‘the new owners of Harrah’s were considering walking away from the deal in The Bahamas,’ and that ‘a decision was likely to be made within 48 hours of Monday the 3rd of March,’” Mr. Ingraham said.

“That’s before I spoke in the House. Two days before we came to the House to speak.”

Apollo Management and Texas Pacific Group are the new owners of Harrah’s having bought the company for tens of billions of dollars, and taking it private earlier this year. And, as Mr. Ingraham noted in the House, Norwegian Cruise Line is considering buying the company now.

The prime minister told the House his government fully supports Baha Mar in its commitment to redevelop the Cable Beach strip.

“Yes, we are going to continue with the resolution in the Senate once it’s passed here. We will do all that we are supposed to do to put Baha Mar in the best position to proceed with finding another joint venture partner, or going back and talking to Harrah’s,” he said.

Referring to the resolution that would effect the transfer of government land to Baha Mar, the prime minister said, “No land will be transferred until the requirements that set out in the agreement have been satisfied. But Baha Mar is perfectly entitled to seek a new joint venture partner to meet the requirements of the agreement of 2005 and the supplemental agreement.”

“And we will give Baha Mar all the support that we can,” he added, “to permit them to seek to find a replacement joint venture. We will not seek to exercise any rights we may have (now) that they do not have a joint venture partner.”

He said the government would continue to treat Baha Mar as though it has a joint venture partner until the March 2009 deadline, by which time the company is expected to “deliver.”

The prime minister also sought to assure Harrah’s that it is welcome to invest in The Bahamas at any time.

Source: Bahama Journal

In the latest twist to the debacle surrounding the pullout of Harrah’s from the Cable Beach re-development deal, Baha Mar on Monday made public the letter Harrah’s wrote the company last Thursday announcing that it was abandoning the partnership.

The letter confirms that Harrah’s did indeed point to comments made by Prime Minister Hubert Ingraham in the House of Assembly last Wednesday as one of the reasons it was pulling out.

But in a statement it released to the press on Sunday, Harrah’s did not list those comments as a reason why it was terminating its arrangements with Baha Mar.

The company said in the Sunday statement it greatly appreciated the efforts and cooperation of the Bahamian government throughout the negotiation process that led to a signing of an agreement confirming its involvement in the $2.6 billion project as one of Baha Mar’s joint venture partners.

“There is no question that Prime Minister Ingraham was committed to the project and recognized its potential contribution to his nation’s economy,” the Harrah’s press statement said.

But in its letter to Baha Mar, Harrah’s said given comments made by the prime minister in the House of Assembly, it had doubts about government land being turned over to Baha Mar in accordance with Baha Mar’s heads of agreement with the Government of The Bahamas.

On Wednesday, the prime minister said the passage of the resolution in parliament would not mean the government would immediately transfer the land in question.

“All it means is that Parliament is authorizing us to do so,” Mr. Ingraham said. “The land will only be transferred if and when Baha Mar honours the deal. And if the deal is not honoured by March 2009, then there will be no deal.”

He added, “We expect that the benchmarks which have been agreed will be honoured. The first benchmark is March 18; that is not going to be met and I would doubt that the benchmark for next month is going to be met.

“But I am not unduly concerned about the individual monthly benchmarks. I am concerned about the cumulative total – March 2009. When we arrive at that point it is either a deal or it is not a deal.”

In its letter, Harrah’s pointed to long delays that were already affecting the project.

“The long delays in reaching agreement with the government and completing the assemblage of the relevant land rights have contributed to considerable doubt about whether the project can be financed at all given the continuously deteriorating debt markets,” wrote Charles L. Atwood, a Harrah’s executive.

“These delays also raise grave concerns about increased costs and risk and create apprehension about your ability to execute in a timely manner. When coupled with Prime Minister Ingraham’s comments to the House of Assembly [Wednesday], we do not believe the land will be delivered to the joint venture as planned. As you are aware, this issue has been of utmost importance to us from the inception of our negotiations, as without these land conveyances, the project cannot proceed.”

In the House of Assembly last week, Mr. Ingraham also said that while he believes Harrah’s has the means to carry out the Cable Beach project, he was not satisfied that Baha Mar had the financial resources to do so.

Harrah’s also pointed to these comments in its letter to Baha Mar.

“When we entered into the Sub scri ption and Contribution Agreement on January 12, 2007, we expected that you would satisfy all the necessary conditions no later than June 30, 2007. That did not happen,” Mr. Atwood wrote.

“You requested an extension until December 31, 2007, which we granted on several conditions set out in a letter agreement on October 4, 2007. The December 31, 2007 deadline came and went as well. At your request, we had considered another extension prior to that date, but discussions failed because you were unwilling to resolve disputes that had arisen between us.

“As of today (March 6, 2008) conditions remain unsatisfied and the prime minister has publicly stated that he questions your financial wherewithal and ability to meet the deadlines imposed by the government, both of which are crucial to the success of the project.”

But Harrah’s did not completely close the door on any possible future involvement in the Baha Mar project.

Mr. Atwood wrote, “Please be aware that if you are able to resolve these issues and continue with Baha Mar, we hope you will consider exploring alternatives by which a Caesars-branded casino and hotel might be included in the project.”

Late Monday afternoon, Prime Minister Ingraham read the letter in the House of Assembly and also tabled it.

He said that he learnt on Monday March 3, 2008 that Harrah’s was reconsidering its joint venture arrangements with Baha Mar. The prime minister noted that that was two days before he commented on the Baha Mar deal in the House.

Mr. Ingraham said he was merely seeking to dampen the public’s expectations about the Baha Mar project.

Source: Bahama Journal

The new 30-year agreement between Foxwoods, North America’s largest casino operator, and Royal Oasis owners Harcourt Development could mean a complete renovation of the former resort before it reopens, hopefully in a couple of years.

Foxwoods, the company owned and operated by the Mashantucket Pequot Tribal Nation in Connecticut, has been tapped to manage the resort, marks a welcome addition to Grand Bahama business community, according to Tourism Minister Neko Grant, who congratulated Harcourt on inking the deal with the Foxwood Development Company.

“We are confident that Foxwoods’ reputation as high quality resort, casino, entertainment and retail operators will be a strong compliment to the re-launching of Grand Bahama Island as a major Bahamas destination,” the minister said.

A Harcourt press release asserts that both Harcourt and Foxwood are eager to begin work, with plans already afoot.

“Once the property is expanded and renovated, the resort will be home to more than 650 hotel rooms and suites, a casino, convention/meeting facilities, spa, fitness center, restaurants, retail shops, recreation facilities and a host of other amenities,” the release said.

“The two on-site golf courses will be restored to their former glory.”

The Royal Oasis Resort has been closed since it was damaged in Hurricane Frances in 2004. More than 1,000 Bahamians lost their jobs.

Chairman of Foxwoods Development Company Board of Managers Joseph Colebut said the group is pleased to partner with Harcourt Developments on what he called “such an exciting project to restore the former Royal Oasis property to a premiere destination resort.”

“In the gaming resort world, the name Foxwoods is synonymous with quality and innovation. We look forward to bringing this same level of excellence to the project and Grand Bahama Island,” Mr. Colebut said.

With regards to Foxwoods, according to Harcourt founding director Mike Murphy, “We have hit the jackpot.”

Speaking at the Grand Bahama Business Outlook on Thursday, he said Foxwoods is a legend in the gaming industry.

“They’ve got the largest casino resorts in the Unites States. They are now going to be our partners. They’re a good bunch. We were simply amazed at the scale of what they do. We have never seen anything like it. The traffic going through it numbers approximately 40,000 people per day. Isn’t that something else?”

Mr. Murphy was referring to the six million square-foot Foxwoods Resort Casino, which boasts three hotels, extensive entertainment venues, top-flight restaurants and retail stores.

In the Harcourt press release, Harcourt Director of Development Pat Power touted Foxwood’s experience and expertise in the leisure industry.

“We look forward to our working relationship with Foxwood for many years to come and their involvement in the project is a testament to the future of Grand Bahama,” Mr. Power said.

Foxwood’s parent organization, the Mashantucket Pequot Tribal Nation, has formed a business partnership with MGM Mirage – the international gaming giant – and in the spring will open the MGM Grand at Foxwoods in the Connecticut countryside.

When the new MGM Grand is opened in late May, Foxwood will have grown to more than eight million square feet in size.

The Royal Oasis represents a major expansion of Harcourt’s interests in Grand Bahama. The company also owns multiple sites in Bahamia, and is the estate manager for the entire area.

According to the release, the redevelopment of the resort reflects Harcourt’s commitment to the island.

Source: Bahama Journal

While a supplemental agreement between the government and Baha Mar and its joint venture (JV) partner Harrah’s Entertainment has finally been signed – nearly a year after the resort developer was hoping to have it signed – don’t look for construction to begin next week.

A paragraph in the press release that accompanied the signing of the agreement warns that not all the hurdles have been crossed.

“Baha Mar JV Holdings Ltd. and Caesars Bahamas Investment Corporation are now proceeding to finalize documents for completion of the joint venture, following which construction of the project will immediately commence. Completion remains subject to certain conditions, including completion of definitive agreements, conveyance or other transfer to the joint venture of rights to certain parcels of real property, and Parliamentary action,” the document said.

Baha Mar executive Robert Sands confirmed that the signature of the supplemental heads of agreement was only “step one” in what he termed “a process” of getting the project underway.

He pointed to the requirement enshrined in the supplemental agreement for Parliamentary approval for certain actions.

“The prime minister confirmed that he would, in very short order, take those issues to Parliament, and that has to do with some of the land that can only be conveyed as a direct result of Parliamentary approval, such as the police and fire stations…in very short order.”

Mr. Sands said that once those matters have received Parliamentary approval, then the requirement to complete the documentation for the joint venture is “getting to the point of near completion.”

“You can’t put the chicken before the egg,” he said.

“These are very necessary steps to get us to the point whereby we would be in a position to have all our ducks in a row for the proper documentation of the agreement with our joint venture partners.”

The original heads of agreement, signed in 2005, calls for Baha Mar to identify the partners that would form its joint venture. Mr. Sands explained that the group is now “getting to that point.”

But even then, once the joint venture partners are identified, and once all the Parliamentary actions have been taken, there are still things that must happen before construction on the resorts begins.

“There are some other things that must happen first,” Mr. Sands explained. “We’ve always spoken about the roads.

“We’ve always spoken about the rebuilding in the commercial village zone area, because what that does is that gives us access to clear the ground for the podium – as it were – for the Caesar’s Palace and the Westin hotels to rise up from the ground.”

“These are all processes,” he said, “that are taking place.”

Mr. Sands pointed out that Baha Mar has already gone out to bid for road works and for the construction of the replacements of the buildings that will be demolished.

“We can jump start this project fairly quickly because we have done a lot of advance preliminary work to get it to the point whereby these projects can be up and running certainly within weeks, and not months,” he said.

Pressed for some sort of timeline within which Baha Mar expects construction to begin, Mr. Sands replied:

“I can’t tell you that on March 16th we will start, but we are very hopeful that that date might not be too far off, and we are very diligently accomplishing all the conditions that we outlined in the press conference.”

Source: Bahama Journal

The three thousand rooms represented by the $2.6 billion Baha Mar development do not necessarily represent a net increase in room stock for New Providence – the deal includes the demolition of at least one existing hotel property – but they should mean a net increase in tourist expenditure.

Bahamas Hotel Association President Russell Miller explained why the 3,000 rooms won’t just be new stock.

“It’s not a total net increase because you have to take into consideration the fact that the Nassau Beach Hotel is being knocked down, so you lose those rooms. As I understand it, two of the towers of the Wyndham (Crystal Palace) are going to be knocked down to make room for part of the growth and development,” he said.

“So I don’t think the full net increase is the three thousand rooms, but in the scope of their investment, the number of total rooms they will have is three thousand.”

“To get there, you’ve got to make way for some of the others that currently exist,” Mr. Miller added.

Executive Vice President of the hotel association Frank Comito told the Journal the addition of the mid- to high-end brands like the St. Regis, the Westin and Caesar’s Palace would give New Providence a stronger appeal to that market than currently exists.

“With the marketing power behind that, that should bode very well for the destination,” he said.

He said replacing the mid-level brands that are in existence now with the new, higher-end brands ought to mean an increase in revenue from those rooms.

“If we handle it right, that should be the case, that’s right,” he said.

“Where we’re going is that – based on what’s there now – we would be increasing the average daily rate of the (rooms), they would be higher yield, higher revenue-drawing hotels from more affluent clientele,” Mr. Comito explained, “and as a result the country should benefit immeasurably from it.”

Baha Mar Executive Vice President Robert Sands confirmed that the rooms at the resort would generally average a higher daily room rate, but he added another angle.

“We will be offering different price points, from the very high end of the St. Regis, and if you came down the tier, you’d have the Caesar’s Palace Resort and Casino, the Westin, the W, the Sheraton, then the Wyndham,” he explained.

“So those price points, with different quantities of rooms, will allow for us to maximize and revenue-manage, and yield-manage room rates that should all aggregate to an improved revenue base,” Mr. Sands said.

Mr. Sands concurred with the idea that it isn’t good to have everything on offer be in the same price range – better still to keep the offering “diversified,” which he said would be accomplished by “the different price points” and “the uniqueness of the brands.”

He called it unprecedented for one company (Starwood Hotels) to have five of its different brands represented in one location, and said he didn’t think Starwood was taking a big risk.

“I would not call it taking a risk. I think they’re being fortuitous and visionary in creating an availability of guest rooms within different brands that offer different price points to cater to the different pocket values of potential customers.”

Starwood Hotels, a leading hotel consortium, will have its St. Regis, Westin, W, Sheraton and Wyndham brands all part of Baha Mar, and entertainment giant Harrah’s will have a 1,000 room Caesar’s Palace Resort and Casino in the development.

Source: Bahama Journal

Marketing has kicked into high gear for Cape Eleuthera Resort and Yacht Club, a new, full-service resort and real estate development that opened on Eleuthera in December 2007 – it’s being touted as “the newest luxury resort and real estate development” in the Out Islands.

Marketing has kicked into high gear for Cape Eleuthera Resort and Yacht Club, a new, full-service resort and real estate development that opened on Eleuthera in December 2007 – it’s being touted as “the newest luxury resort and real estate development” in the Out Islands.

The new development is a project by Michigan billionaire Amway co-founder and owner of the Orlando Magic basketball team Richard DeVos (supposedly the 73rd richest person in America) and his family, who formerly owned Peter Island in the British Virgin Islands.

(Mr. DeVos bought Peter Island, along with his Amway co-founder Van Andel, in 1977. The resort on the island took a direct hit from Hurricane Hugo, and was all but destroyed.)

The development is situated on the peninsula between Rock Sound and Exuma Sound.

Managing Director David Green told the Journal a bit about the new resort over the weekend.

He explained, for example, why the developers chose to go with the increasingly common mixed-use resort format.

“For a peninsula like Cape Eleuthera to be sustainable financially you must rely on a variety of users,” he said, “hotel guests, home owners, yachtsmen and traffic from other parts of Eleuthera.”

“Generally, your anchor is the hotel. This brings value to the surrounding real estate much like a golf course or marina.”

Part of the marketing material for Cape Eleuthera is that it isn’t for everyone. Mr. Green explained that this isn’t to say the resort is meant to be exclusive or cost-prohibitive, or anything like that.

“Our saying, ‘Cape Eleuthera – it’s not for everyone,’ is meant to capture the spirit of the Out Islands. Cape Eleuthera is a 4,200-acre peninsula at the southern portion of the 110-mile long island of Eleuthera,” he said.

“It is a resort best suited for the traveler that likes to explore and experience something a little off the beaten path. This is a unique place.”

“You will not find fancy boutique shops or chain restaurants or man made waterfalls or Vegas style casinos and high rises,” he added. “You will catch your own dinner and watch it being cooked over a real barbeque. You will walk ten yards from your private deck and jump on a dive boat for the five-minute trip to some of the worlds greatest diving.”

Mr. Green continued to wax poetic about the resort, and the type of experience its visitors will have.

“You will panic when the dive boat cruises over coral heads that look like they are two feet from the surface when in fact they are 30 feet below the most beautiful water you have ever seen,” he said. “You will not get caught in traffic on Bay Street. But it is very likely that you will spend a day on the beach without seeing another soul.”

Mr. Green added that although inquiries are being accepted, and a lot of people are showing interest in the beach villas and private estate homes yet to go up on the sites at Cape Eleuthera, the actual sales programme will begin within 12 months.

Source: Bahama Journal

Marketing has kicked into high gear for Cape Eleuthera Resort and Yacht Club, a new, full-service resort and real estate development that opened on Eleuthera in December 2007 – it’s being touted as “the newest luxury resort and real estate development” in the Out Islands.

Marketing has kicked into high gear for Cape Eleuthera Resort and Yacht Club, a new, full-service resort and real estate development that opened on Eleuthera in December 2007 – it’s being touted as “the newest luxury resort and real estate development” in the Out Islands.

The new development is a project by Michigan billionaire Amway co-founder and owner of the Orlando Magic basketball team Richard DeVos (supposedly the 73rd richest person in America) and his family, who formerly owned Peter Island in the British Virgin Islands.

(Mr. DeVos bought Peter Island, along with his Amway co-founder Van Andel, in 1977. The resort on the island took a direct hit from Hurricane Hugo, and was all but destroyed.)

The development is situated on the peninsula between Rock Sound and Exuma Sound.

Managing Director David Green told the Journal a bit about the new resort over the weekend.

He explained, for example, why the developers chose to go with the increasingly common mixed-use resort format.

“For a peninsula like Cape Eleuthera to be sustainable financially you must rely on a variety of users,” he said, “hotel guests, home owners, yachtsmen and traffic from other parts of Eleuthera.”

“Generally, your anchor is the hotel. This brings value to the surrounding real estate much like a golf course or marina.”

Part of the marketing material for Cape Eleuthera is that it isn’t for everyone. Mr. Green explained that this isn’t to say the resort is meant to be exclusive or cost-prohibitive, or anything like that.

“Our saying, ‘Cape Eleuthera – it’s not for everyone,’ is meant to capture the spirit of the Out Islands. Cape Eleuthera is a 4,200-acre peninsula at the southern portion of the 110-mile long island of Eleuthera,” he said.

“It is a resort best suited for the traveler that likes to explore and experience something a little off the beaten path. This is a unique place.”

“You will not find fancy boutique shops or chain restaurants or man made waterfalls or Vegas style casinos and high rises,” he added. “You will catch your own dinner and watch it being cooked over a real barbeque. You will walk ten yards from your private deck and jump on a dive boat for the five-minute trip to some of the worlds greatest diving.”

Mr. Green continued to wax poetic about the resort, and the type of experience its visitors will have.

“You will panic when the dive boat cruises over coral heads that look like they are two feet from the surface when in fact they are 30 feet below the most beautiful water you have ever seen,” he said. “You will not get caught in traffic on Bay Street. But it is very likely that you will spend a day on the beach without seeing another soul.”

Mr. Green added that although inquiries are being accepted, and a lot of people are showing interest in the beach villas and private estate homes yet to go up on the sites at Cape Eleuthera, the actual sales programme will begin within 12 months.

Source: Bahama Journal