China State Construction Engineering Corporation (CSCEC) signed a contract yesterday to purchase the British Colonial Hilton and the vacant property to its west, but officials did not reveal the price of the sale agreement.
This comes after almost two years of negotiations.
As a part of the sale agreement, CSCEC will develop the vacant property to create a luxury hotel and condominium unit, Prime Minister Perry Christie said.
He did not give a start or completion date for the construction of the project.
The hotel will also include a multi-storied garage with rooftop garden and banquet rooms, a high-end retail shopping center, restaurants, gym, marina, movie theater and boardwalk along the waterfront.
Christie said it will be a major investment that will create 250 construction jobs and 500 permanent jobs for Bahamians.
He said an additional 500 jobs in the amenities and commercial components will be created.
He also said CSCEC has agreed to join in a partnership with the government and other stakeholders along Bay Street to implement a plan for its redevelopment, extending from Arawak Cay to Potter's Cay.
"Some of these stakeholders with whom I will meet in the next fortnight are ready to move ahead with their redevelopment plans," Christie said.
During the signing ceremony at the British Colonial, Chinese delegates joined Hilton and Bahamian government officials.
While the ownership has changed, the hotel will continue to be managed by the Hilton.
Gerhard Beukes, chairman of the British Colonial Hilton said all employees of the Hilton will continue their employment under the new ownership.
Chinese Ambassador to The Bahamas Yuan Guisen said this investment in The Bahamas is one of several he hopes the government will facilitate in the future.
CSCEC Chairman Jun Yi said the project should contribute $750 million to the country's gross domestic product (GDP) over the next 20 years.
CSCEC began its foray into tourism developments globally with the Baha Mar project, investing $150 million in the $3.5 billion resort, which it went on to build.
In July, CSCEC made a U.S. $1 billion investment in the Viceroy Palm Jumeirah in Dubai, a project for which it was also taken on as general contractor.

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