Caribbean Insights: Baha Mar Resolution Will Bring Closure and Pain

A variety of investors, including notable Bahamas hotelier Sol Kerzner, is apparently in talks with China's Export Import Bank (EXIM) to revamp, finance and operate the long-stalled $3.5 billion Baha Mar resort based on Bahamas Tribune report. Perry Christie, the Bahamas leader, said the possible financial specialists incorporate huge Chinese firms.

Christie likewise expressed trusts that Bahamas-construct contractual employees who worked in light of the resort and are owed "significant sums of money" taking after EXIM's October move to put the project into receivership, are paid on a "dollar per dollar premise."

That likelihood remains to be seen and is by no means assured. The greater probability is the contractors are among several parties to lose out in the aftermath of the mega-resort's failure.

Those ranks include 2,500 former Baha Mar employees, who will of course need to find other means to support themselves and their families. The Bahamas government (and the country's taxpayers) is similarly on the hook for a reported $58.8 million in unpaid taxes, fees and utility bills.

The project's hotel partners will endure right along with many travelers with bookings for the resort's original December 2014 opening. Rosewood Hotel Group had been booked to open a 200-room Rosewood at Baha Mar; a 700-room Grand Hyatt at Baha Mar was also planned for the resort along with a 300-room SLS Lux brand property.

Those hotel partners have officially vanished what may be of millions of dollars in unfulfilled bookings. In August, Rosewood Hotels and Resorts tried to finish its connection with Baha Mar, stating the resort was discoloring the company's image.

Tour operators including major players Pleasant Holidays and GOGO Vacations, which have suspended their projects with the resort, were also left hanging.

At several junctures during this summer's long Baha Mar emergency, the developer maintained his adoration for the Bahamian individuals and determination to complete his Cable Beach vision. At last, his fantasies will be included as one more loss the Baha Mar emergency.