NASSAU — Baha Mar will demolish the former Crystal Palace resort and casino this summer as it proceeds with expansion plans beyond yesterday’s Rosewood hotel opening, The Tribune reported on May 23 in a story written by Business Editor Neil Hartnell.
Graeme Davis, the $4.2bn development’s president, told Tribune Business it hoped to “clear the site” by Christmas to make way for family-friendly amenities such as pools and water-based features – ambitions it has harboured since Chow Tai Fook Enterprises (CTFE) was selected as Baha Mar’s new owner.
Mr Davis said Baha Mar’s first two properties, the Grand Hyatt and SLS, had performed “well above our expectations” through the winter and spring seasons, averaging above 80 per cent occupancy rates during the peak winter period.
With Baha Mar set to hit the 5,000 employee mark it has committed to “by the time we get into 2019”, Baha Mar’s president indicated the property’s performance to-date had given it the confidence to proceed with its growth plans.
Mr Davis added that Baha Mar was looking for Rosewood, its 237-room high-end luxury property, to hit occupancy levels in the 70 per cent range – a benchmark he described as “very achievable”.
While Baha Mar and CTFE, the Hong Kong-based conglomerate, had exceeded their $38 million upgrade budget for the Rosewood by $5 million, Mr Davis said the total $43 million investment was expected to generate returns quickly.
He added that Rosewood’s arrival, combined with the Ocean Club’s rebranding as a Four Seasons property, was expected to “uplift perceptions of Nassau as a luxury destination” – helping to attract high-spending, high-yielding tourists who may never have previously considered the island or wider Bahamas.
