Atlantis undergoes 5 million upgrade

Thu, Sep 8th 2011, 10:25 AM

Millions of dollars are being spent to upgrade the bathroom tiles at Atlantis on Paradise Island, with remodelling starting on the already luxurious Cove.
Senior VP of Public Affairs, Ed Fields, confirmed that work is already underway, and approximately $5 million is being spent to refurbish the showers in the tower.
"We are changing glass tiles in showers to marble," he told Guardian Business.
"While an upgrade, it is a change from one type of tile to another.  Nothing else in [the] room is being changed.
"[There will be] no impact on 'star level' changing tiles from glass to marble in showers."
Meanwhile, Kerzner International's executives are working hard to refinance $2.6 billion in mortgage debt that matures tomorrow.
Last month, Guardian Business reported that the company was exploring the possibility of selling its 50 percent stake in the Atlantis resort in Dubai to raise money and pay down the debt on the Bahamian property.
The current $5 million upgrade follows Prime Minister Hubert Ingraham's earlier announcement that many new projects would start at the property, giving a temporary employment boost to the construction industry.
"The important ongoing $100 million renovation and upgrade project at Kerzner International properties on Paradise Island continues with a completion date slated for December of this year," Ingraham said in his speech on the budget debate 2011/2012.
"Further, Kerzner International expects to commence the development of its new timeshare resort and expansion of the Hurricane Hole marina this year."
Analysts suspect the move by Atlantis to commence the upgrades was strategic, giving the project first grab at available skilled labor in the country before the Baha Mar project takes off.

Local contractors are expected to oversee some 95 percent of the Paradise Island project, a stark contrast to the minority share they are likely to enjoy at Baha Mar.
Last week, Baha Mar  revealed to Guardian Business the plans behind 313 luxurious apartments and villas that will be offered to international investors in January.
The properties will be located in the five-star Grand Hyatt, Rosewood, Mondrian and Casino Hotels and will include everything from a $1.2 million one-bedroom apartment to a $6 million, four-bedroom villa on the beach.
Executives are targeting "an extremely up-scale" residential experience for investors who won't necessarily be residing in The Bahamas all the time.
The new place will likely go head-to-head in competition with Atlantis' most luxurious residences in the Cove and the Reef.

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