The foreign investors seeking to acquire the Nassau Palm Hotel are planning a refurbishment to upgrade the downtown property.
According to Valentine Grimes, the Bahamian attorney representing the owners, the prospective buyers have put up considerable funds to secure the hotel located across from Junkanoo Beach. While he would not reveal the buyer, he said the group is known to the government and has done business in The Bahamas before, although not necessarily in the hotel industry.
"These people have put up initial money, and now they have put up additional money, so I don't think one could be more serious than that," he said yesterday. "They have put up more money that is non-refundable. I do know they plan to refurbish it and upgrade the facility. The hotel could use some improvement."
Just down the street from the British Colonial Hilton, the Nassau Palm Hotel inhabits a prime piece of real estate that's a stone's throw from Bay Street's commercial heart.
The area has undergone somewhat of a renaissance in recent months, as property owners have invested in new office buildings, restaurants and hotels.
The new Sparta Restaurant, located just down the street, is a culinary extension of the El Greco Beach Hotel. This destination was completely renovated in recent years and owned by Philip Davis, the son of Deputy Prime Minister Philip Brave Davis.
David Johnson, the director general at the Ministry of Tourism, called the Nassau Palm deal relatively small in the grand scheme of things.
However, he felt that the sale marks a continued revitalization of the Junkanoo Beach area.
"Clearly we can see a lot of changes in the area. The beach has been upgraded significantly," Johnson said yesterday. "It is becoming a destination within a destination. It could be another zone that contrasts with the commercial shopping area, giving people a more informal venue with lots of activity."
The Nassau Palm has been on the market since 2010. This latest bid is the third time investors have tried to strike a deal for the property.

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