A top investor in the resurrected Grand Isle Resort & Spa says there is "huge opportunity" in Exuma going forward, and hinted that more projects could be on the way.
Peter Nicholson, a Canadian investor, recently purchased 31 luxury villas at the resort and effectively ended its receivership, which first began back in 2010. Consisting of 78 villas, the original developer of Grand Isle, EGI Limited, went bust after the onset of the financial crisis.
Nicholson told Guardian Business that the chance to buy into a completed project on an island as pristine as Exuma was an investment too good to pass up.
"Grand Isle fell on our lap when we heard it was going through bankruptcy and there was an opportunity to buy into a completed project," he said. "We were scared bout building in the Outer Islands from scratch. Everything has to be brought in on barge and it can be much more expensive."
Investing in luxury property in The Bahamas is just one component of Nicholson's activity in the business world.
He is also the president of Wealth Creation Preservation & Donation Inc, a boutique financial services firm that helps high-net-worth clients preserve their wealth, reduce taxes and increase charitable donations.
Nicholson is no stranger to Exuma. He is part investor in an obscure bar and restaurant located on Farmer's Cay. He said there is actually an airstrip on the island, which is often used by celebrities that own private islands in the area. Down the line, he is considering further investment on this island, including hotel accommodations.
But for now, he is focused on putting Grand Isle on the map.
While purchasing resort property on the Family Islands is a bigger risk, he also sees it as having a greater reward.
North American and European tourists continue to look at Nassau and Paradise Island as the only source of vacation in The Bahamas. However, through rising development and marketing, Nicholson believes this trend is poised for change.
Nicholson is now in the midst of selling off the 31 villas he purchased, with several sales already in the books and more far down the pipeline.
"I think Exuma has some of the nicest waters in the whole world. I went around the world, from Thailand to Bali, and I have seen great beaches and resorts. In my mind, apart from flying 25 hours somewhere, these beaches are the most beautiful in the world."
The Canadian investor credit Sandals Emerald Cay as playing a crucial role in the resurgence of Exuma. Since making an $80 million investment in the high-end property, the resort company has poured a great deal of additional money and resources into marketing the destination and driving airlift from the U.S. and Canada.
Meanwhile, Roker Point at Emerald Bay, another high-end development, also announced it is investing $2 million in a "dusting off" to pursue sales more aggressively.
Nicholson is considering further investment on the island, including the possibility of bolstering its restaurant and culinary offerings as more tourists and residents move in.

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