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Baha Mar Signs Management Agreements with Hyatt Hotels Corporation, Morgans Hotel Group and Rosewood Hotels and Resorts to Build Next Generation Destination Resort (Bahamas)

Baha Mar Signs Management Agreements with Hyatt Hotels Corporation, Morgans Hotel Group and Rosewood Hotels and Resorts to Build Next Generation Destination Resort (Bahamas)

Category: North America & West Indies / Carribean islands - Bahamas - Industry economy - Group or hotel buyout
This is a press release selected by our editorial committee and published online for free on 2011-08-04

Announcement Marks Another Milestone in Strategy to Bring "Best-In-Class" Brands Across Varied High-End Hotel Segments

Baha Mar, the largest single-phase resort development in the history of the Caribbean, invested by The Export-Import Bank of China (“Ex-Im Bank”) as well as the China State Construction Engineering Corporation (CSCEC), announced recently that they have signed a series of management agreements with Hyatt Hotels Corporation, Morgans Hotel Group and Rosewood Hotels & Resorts, aiming to set a new standard of luxury for the hospitality industry, delivering a seamless guest experience and the world-class service that Baha Mar will be known for.

As currently the largest project under development in North America, and also the largest real estate project overseas by Chinese companies, Baha Mar will create a collection of world-renown brands offering the highest levels of luxury, amenities and service. According to the agreement, Hyatt Hotels Corporation will operate and manage Baha Mar's planned 700-room Grand Hyatt convention hotel, Morgans Hotel Group will operate and manage Baha Mar's planned 300-room luxury lifestyle hotel under the Mondrian brand, and Rosewood Hotels and Resorts will operate and manage Baha Mar's planned 200-room luxury hotel.

"Our hotel partners have embraced the vision of Baha Mar, which is to capture the true spirit of the region’s rich heritage of African, European and Caribbean influences while delivering the very highest levels of quality and service. Shifting the sands of global tourism Baha Mar represents a bold vision, the largest in the history of the Caribbean, and marks the resurgence of an area known as The Bahamian Riviera. The successful completion of our management agreements with Hyatt, Morgans and Rosewood is a significant milestone for Baha Mar as we continue to turn this vision into a reality," said Mr. Sarkis Izmirlian, Baha Mar's Chairman and CEO.

"All three of these hotel groups have been great partners with us throughout this process, and their ability to work together to bring Baha Mar's vision to reality has been amazing," said Mr. Don Robinson, President of Baha Mar. "Our strategy to work with multiple, best-in-class brands gives Baha Mar the opportunity to feature the very finest brand offerings for each of our different high-end hotel segments."

Hyatt Hotels Corporation is a global hospitality company with a portfolio of 445 properties on five continents, operating under the Hyatt, Park Hyatt, Grand Hyatt, Hyatt Regency, Andaz, Hyatt Place, and Hyatt Summerfield Suites brands names. Headquartered in Chicago and with operations in 45 countries, Hyatt is a recognized industry leader in providing guests with consistent and authentic hospitality experiences.

Morgans Hotel Group has a history of revolutionizing the hospitality industry with innovative lodging concepts characterized by design-centric ambiance and timeless elegance, and is well known for its Delano and Shore Club resorts in Miami, the Mondrian in Los Angeles, Miami and New York, the St Martin's Lane and Sanderson properties in London, and the Morgans, Hudson and Royalton hotels in New York City.

Rosewood Hotels & Resorts has a long and successful history of managing exclusive, luxury properties, including three award-winning resorts in the Caribbean: Rosewood Little Dix Bay in Virgin Gorda; Caneel Bay, a Rosewood Resort in St. John; and Jumby Bay, a Rosewood Resort in Antigua. In addition, Rosewood has several of America's most exclusive city hotels, including the Rosewood Mansion on Turtle Creek in Dallas, and The Carlyle, a Rosewood Hotel in New York City.

Valued at $3.4 billion, Baha Mar will include almost 3,500 rooms and residences, the largest casino in the Caribbean, the largest convention center in The Bahamas, a Jack Nicklaus signature golf course, three spas, a 20-acre eco-water park, multiple restaurants, high-end retail and entertainment venues, and will be situated along a half-mile of uninterrupted pristine beachfront. It is slated to open in late 2014.

According to projections, Baha Mar represents a direct benefit to The Bahamas through the creation of 12,000 new jobs and in its first year of operations will contribute almost $1 billion to the local economy.

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