The controlling title to the former Ginn Sur Mer resort community has officially been acquired by G-LA Resorts Holdings (Bahamas) Ltd., marking what could be the beginning of a major turnaround for the project and the island of Grand Bahama.

The transferred assets include 1,500 acres of land, an airport, helicopter pad, 632 finished lots and associated development rights.

Ted Dameris, the managing director of the firm with the largest stake in the new ownership group, officially announced the five miles of shoreline will be managed by Replay Resorts Inc.

"Replay is an ideal partner to manage this incredible asset," Dameris said.

"With its extensive experience in large-scale master-planned resort developments, we are certain Replay can help us bring this irreplaceable oceanfront community back to life."

He also expressed thanks to the Bahamian government for their assistance in getting the transfer done in a "timely manner".

Despite the property's uncertainty over the past few years, the new owners wished to highlight that construction of vital infrastructure never stopped and has now been completed.

More than $500 million has been invested in the project so far, which includes a marina, hotel, golf course and airport.

The announcement brings to an end years of foreclosure proceedings. In 2008, the Ginn Sur Mer project and its subsidiary development defaulted on loans it took on after mortgaging its land to the tune of $276,750,000 in favor of Ginn-LA Conduit Lenders Inc.

These rights were transferred to Credit Suisse AG. In September 2011, the lenders ended the foreclosure proceedings and pursued a conveyance of the equity in the mortgaged property.

On Monday, Guardian Business reported that Replay Resorts, based out of Vancouver, had arrived in Grand Bahama to get "boots on the ground". Bill Green, the chief operating officer, said a wide variety of logistical issues were still being worked out, such as insurance, security and the transferring of accounts.

With the title transfer behind them, the resort and its stakeholders can now move forward with plans for the future. Marketing is expected to take the stage as owners begin to court prospective investors, along with research into U.S. and Canadian markets.

Meanwhile, at Replay, plans are underway, the new owners said, to "re-engage the market and to continue the development of the residential component of the resort".
Master planning, a builder's program, construction of model homes and preparing a sales launch are all top of the agenda for Replay Resorts in the coming six months.

The new owners confirmed comments made to Guardian Business earlier that the philosophy will shift with the "destination home customer in mind".

"Dialogue will begin immediately with the current owners and other stakeholders so that they can help to shape the master planning process," Green added.

"We have been working with this ownership group at Ginn Sur Mer for two years and are eager to reengage this marketplace."

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