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OBB Resort braces for expansion
Old Bahama Bay resort (OBB Resort) is staking its claim in Grand Bahama, acknowledging its mutual interests with other stakeholders and hinting that major developments are down the road.
OBB Resort Pursues 'Critical Mass' Development
Old Bahama Bay Resort (OBB Resort), together with the Canadian developer The Crave Group, will be pursuing slow, sustainable development in Grand Bahama, Guardian Business can reveal, with the old model of the mega resort now "a thing of the past".
Ground Broken On French Leave Resort
Developers officially broke ground on a $12 million development on Eleuthera yesterday, signaling the start of what Prime Minister Perry Christie believes will be a turnaround for the island's struggling economy.
Treat the Family to a Fun Bahamian Getaway This Memorial Day Weekend at The Sheraton Nassau Beach Resort
With Resort Credits and an Array of Complimentary Family Activities,
There's Never Been a Better Time for a Last-Minute Caribbean Escape
Nassau, The Bahamas - The Sheraton Nassau Beach Resort, located in
Nassau, The Bahamas, is making a Memorial Day getaway to the Caribbean
fun for the whole family with a twist on its popular Family Time in
Paradise Package. With rates from $249 per night, the package provides
guaranteed connecting rooms or a suite when available and a $50 daily
resort credit.
The resort is also hosting a variety of patriotic-themed complimentary
Love Your Family activities during the holiday weekend, including...
Bimini Bay Resort receives two international property awards
The 2008 CNBC International Property Awards – in association with The New York Times – has awarded Bimini Bay Resort in two prestigious categories, Best Development and Best Marina Development in the Bahamas. Awards will be presented at a glittering gala dinner at the Ritz Carlton in Orlando, Fla., in November 2008.
Sandals Resorts introduces new wedding planning concept
Sandals Resorts has introduced a new wedding planning concept that give couples the
opportunity to add their personality and style to their wedding
celebrations.
The
all-inclusive resorts for couples which operates 14 luxury resort
properties across the Caribbean including Sandals Emerald Bay, Exuma and
Sandals Royal Bahamian, Cable Beach in the Bahamas.
Launched its all
new
'Your Wedding Your Style' wedding planning concept
which now allows couples to customize their dream wedding at the resort...
Musicians Making Sweet Music at Firefly Sunset Resort
Hope Town, Abaco, Bahamas (February 25, 2013) – Escape to Hope Town on Elbow Cay, Abaco, for the inaugural Patrick Davis Firefly Sunset Resort and Abaco Inn Songwriters Festival from February 28 through March 2, 2013. For three consecutive nights, this Bahamian beach village will be alive with music from some of Nashville’s greatest talent. All of the weekend’s free events are open to the public and will be held at Sea Spray Resort, Abaco Inn, and Firefly Sunset Resort in Hope Town. The festival includes a mix and mingle with the songwriters, live music shows, stories behind the writing and more.
The Abaco Beach Resort at Boat Harbour’s new family entertainment programs and special events delight Resort guests, visitors to the Island and locals alike. In true traditional Bahamian fashion, the Resort proudly offers an array of exciting events and uplifting Island entertainment, earning the title, 'Entertainment Capital of the Abacos!' One of the newest programmes the resort now offers is their unique 'Bahama Buddies' Kids Club.
FNM candidate for East Grand Bahama visits Deep Water Cay Resort
DEEP WATER CAY, Grand Bahama -- Despite the wet and windy conditions on Sunday, former GB Chamber President and FNM East Grand Bahama Candidate Peter Turnquest visited Deep Water Cay Resort to meet with the island's management and staff. The resort has undergone over 10 million dollars in refurbishing and expanding the original bonefishing lodge. It has been at maximum occupancy over the last few weeks and the owners are currently building more resort rooms to increase their capacity.
"Deep Water Cay is a beautiful resort and management and staff are working hard to expand their product," said Turnquest. During his visit he toured the island and spoke to employees. "The resort employs over 50 staff from the nearby settlements, which is a significant number for the community. The employees here are wonderful ambassadors for the resort, island and country," he added.
Turnquest also spent time with management to review their ongoing plans and discuss their relationship with the local community. He noted: "I was pleased to hear that the resort is already working with Bonefish and Tarpon Trust, Cape Eleuthera and the University of Miami about bonefish conservation. They plan to educate local children on the need to conserve their natural resources and the bountiful beauty of The Bahamas."
He further noted: "This community thrives due to bonefishing and it is something that our government along with the Bahamas National Trust is keen to conserve. I see great potential here in the east of Grand Bahama and should I be elected I will work diligently to promote resorts like this and increase jobs in these communities."
PI resort prepares for auction gavel
Paradise Island Harbour Resort has a date with the gavel next month, as the 246-room oceanfront property goes up for sale.
The resort, owned by Driftwood Hospitality Management and Lehman Brothers Holdings Inc., is going up for auction on September 6 for a minimum price of $6 million. The sale itself will take place in Fort Lauderdale at the Hyatt Regency, directed by a subsidiary of Lehman Brothers, with bids accepted in person or online.
Financial services firm Lehman Brothers is perhaps the most famous victim of the financial crisis after it filed for bankruptcy protection in September 2008. It was the largest bankruptcy filing in U.S. history.
"It was up for sale for some time," said David Johnson, the director general at the Ministry of Tourism. "It was sold, but the sale didn't go through to the purchaser. There were complications, so it went back on the market. I'm sure they will at least get the minimum sale price, and it should inject life into the property."
The all-inclusive resort is considered an affordable alternative to other hotels on Paradise Island, such as Atlantis and the One&Only Ocean Club. According to the auction listing, the resort presents investors with the opportunity "to acquire a full-service resort unencumbered by management or franchise agreements, allowing an investor to renovate, reposition and brand the asset to generate significant profit".
When asked about the minimum sale price at $6 million, Johnson said the aim is to take market value from around six or seven years ago, prior to the financial crisis.
The director general said the Paradise Island property still represents a premium location, although it would likely need work should a new owner come in.
"I believe it will get sold. Real estate on Paradise Island is worth an awful lot, especially on the water," according Johnson.
Peter Dupuch, the president of ERA Real Estate, told Guardian Business that the $6 million price tag "does seem low".
"It is a very old hotel. The land though is worth a lot of money," he added.
Dupuch said the Paradise Island Harbour Resort hasn't been thriving for some time, so an auction and new ownership could be exactly what it needs to revitalize it.
Johnson agreed with that logic, hoping that whatever investors scoop up the resort make a serious investment to "inject new life".
The all-inclusive property features two on-site restaurants, a pool bar and a fully equipped fitness center. A 300,000-gallon free-form pool, hot tub, kid's video arcade, snorkeling lagoon and an addle activity program round out the resort's amenities and offerings.
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