Chow Tai Fook Enterprises Limited has entered into negotiations for the ownership of Baha Mar, said the company in an announcement on Friday.
The company has applied to the Government of The Bahamas for approval as a proposed investor and acquirer of the Baha Mar Resort.
CTFE is known also for its involvement in developing the $2.3 billion integrated resort development, Queen’s Wharf Brisbane in Australia, among other global hospitality and mixed use developments.
“CTFE is looking forward to having Baha Mar join its portfolio of world-class integrated resort development projects,” said Dr. Henry Cheng, chairman of CTFE. “We are fully committed to this project and plan to hire as many Bahamians as possible to work at the property.”
As part of the remobilization efforts, CTFE is already in discussions with hotel brands previously involved in the Baha Mar project, including Hyatt and SLS Hotels. CTFE also intends to re-engage its subsidiary, Rosewood Hotel Group, as a luxury hotel operator at Baha Mar.
The company did not provide any financial details on the acquisition, but said it would invest heavily in pre-opening activities.