Chow Tai Fook Enterprises Limited (CTFE) has announced that it has entered into negotiations in connection with the ownership of the shuttered Baha Mar resort in The Bahamas.
CTFE, a Hong Kong-based developer with experience in global hospitality and mixed-use development, has applied to the Government of The Bahamas for approval as a proposed investor and acquirer of the Baha Mar resort, by way of acquisition of Perfect Luck Assets Limited (Perfect Luck), the company to which certain assets of the Baha Mar resort have been transferred.
Not only does CTFE have a vast and diverse portfolio of global business operations, but one of the company's subsidiaries, Rosewood Hotel Group, has had a relationship with Baha Mar since 2011.
CTFE has significant experience in tourism/hospitality, in part, through Rosewood Hotel Group, which manages 55 hotels in 18 countries under three different brands. Some of CTFE's most iconic owned properties include The Carlyle, A Rosewood Hotel in New York; Rosewood London; The Beverly Wilshire, a Four Seasons Hotel in Beverly Hills and the Grand Hyatt Hong Kong. Rosewood Hotel Group also operates three resorts in the Caribbean: Jumby Bay, A Rosewood Resort in Antigua, Rosewood Tucker's Point in Bermuda, and Rosewood Little Dix Bay in the British Virgin Islands (re-opening 2017).
CTFE also has extensive experience with large-scale integrated developments. For example, one of the largest investments in London's history, the over $10 billion Greenwich Peninsula development project, as well as the Queen's Wharf Brisbane, a $2.3 billion integrated resort development project in Australia, are both CTFE and affiliated company projects.
"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, in a written release. "We are fully committed to this project and plan to hire as many Bahamians as possible to work at the property."
CTFE is dedicated to the successful opening of Baha Mar and will work with the Government to achieve the goal of a phased opening, according to a statement issued by the company. As part of the company's commitment to the project and The Bahamas in the immediate term, CTFE will invest millions ahead of the official deal completion through pre-opening activities and employment, which has already commenced and will be expanded in the coming weeks and months.
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.
According to the CTFE statement, "Given the non-disclosure agreement in place, the stakeholders involved are unable to discuss specific terms of the transaction or the negotiations at this time. However, we look forward to keeping the public informed on pre-opening activities."