It’s been a rocky few years for Grand Hyatt Baha Mar. What was supposed to be a key new Caribbean property for Hyatt and another mega-resort in a warm climate close to the US turned largely into a really big statue.
There is news now that the lender on the project has resolved their issues and that a move forward may be in the works:
Bahamas Prime Minister Perry Christie on Wednesday said the lender and primary contractor of the stalled Baha Mar resort have reached an agreement to complete the project.
The project’s exiled developer slammed the plan, saying it “defies sensibility.”
Christie, in an announcement in the Bahamas’ House of Assembly, said Export Import Bank of China and China State Construction Engineering Corp. (both are Chinese state-owned entities) reached an agreement to finish the $3.5 billion project. The deal was reached after two days of talks between the two parties and the Bahamas government.
When a $3.5 billion project goes sideways when it’s almost at the finish line, there are likely to be some strong opinions.
Back in 2014, we still had dreams this would be a fantastic new Hyatt someday. In 2015, we had mass cancellations (and resulting complaints) for all the existing reservations. And, then, we had silence.
An agreement to complete construction isn’t the same as contractors on-site putting the finishing touches on the property. But, it’s the best news the property has seen in well over a year.
I’ve never been to Atlantis, though it’s been on our list to get to at some point. I’d prefer to earn or redeem Hyatt points for a Bahamas stay, so I’m still holding out hope that the almost complete Baha Mar becomes a functional resort. Someday.
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