Cotton Bay Holdings Ltd. (CBHL) remains committed to working with its partners to bring the exclusive Ritz-Carlton Reserve brand to The Bahamas and to developing an ultra-luxury resort and residential development on the island of Eleuthera.

In December 2021, CBHL signed a Heads of Agreement with The Government of The Bahamas and Marriott International, Inc. signaling its intention to actively move forward with the development. While the project had been approved in principle since March 2021, since signing in December, we have been diligently working through the processes required with our partners to advance this joint venture.

Planned for the southern end of the island, Marriott officials revealed earlier that the RitzCarlton Reserve in Eleuthera is expected to feature an open-air resort including 90 intimate rooms forming part of the community once known as the iconic Cotton Bay Club. A range of select luxury amenities and exceptional services are slated to include an 18-hole golf course, a lavish spa and swimming pools, and restaurants all surrounded by pristine beaches, azure waters and tropical flora and fauna.

Given the scope and complexity of this multimillion-project, it requires a phased approach beginning with planning, design, and pre-construction activities. We wish to confirm that the development is on schedule and that Marriott executives have visited the island and are actively engaged in our processes.

Following the first stage, we will move into the construction stage, which we anticipate will stimulate 300 jobs and is expected to last at least 24 months. The final stage of the project will involve interior installations, recruitment and training. Ultimately, it is projected that the resort will open in 4 years and once operational, will employ over 200 Bahamians.

We have been working tirelessly with Marriott representatives and our consultants to select and retain a team of world class designers and service providers to meet all of the requirements that are essential to guarantee the success of a project of this nature. In addition to our overseas partners, we have also engaged local consultants and will be retaining others in the coming months as we assemble a first-rate team to deliver a worldclass resort development to the island of Eleuthera.

Cotton Bay Holdings Ltd. affirms that we are fully committed to bringing this project to fruition. We are grateful to have been a part of the landscape of the island of Eleuthera for over twenty-five years and it is our firm belief that this project will revitalize the island’s tourism product and hospitality experience and transform its future economy.