Hong Kong conglomerate Chow Tai Fook Enterprises (CTFE) has confirmed its purchase of the unfinished $3.5b Baha Mar resort casino in the Bahamas.

On Monday, CTFE officially announced that it had signed a deal to own and operate Baha Mar, confirming reports that first surfaced in October that CTFE was looking to acquire the property from the Chinese bank that took over Baha Mar following the 2015 bankruptcy of the original developer, Sarkis Izmirlian’s Baha Mar Ltd.

Graeme Davis, president of CTFE’s Bahamas subsidiary, said the company will “dedicate significant, ongoing investment and resources towards the pre-opening and opening of Baha Mar Resort.” Davis said CTFE was “in discussions” with several hotel brands to operate Baha Mar’s accommodations, including Grand Hyatt, SLS Hotels and CFTE’s own Rosewood Hotel Group subsidiary.

This is an excerpt from CalvinAyre.com as it appeared on February 1, 2017. For updates or to read the current version of this post in its entirety, please click here.

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