The parent of Rosewood Hotels & Resorts said it is in talks to buy the unfinished Baha Mar resort in the Bahamas, according to Travel Weekly, sister publication to Successful Meetings.
Hong Kong-based Chow Tai Fook Enterprises Ltd. (CTFE) said that it would invest "millions" in the project prior to its opening. The company didn't disclose a proposed purchase price.
Baha Mar's current owner is Perfect Luck Assets, an affiliate of Export-Import Bank of China, the project's primary lender. Perfect Luck recently acquired Baha Mar of receivership.
CTFE said it applied with the Bahamas government for approval as a potential investor and is in talks with both Hyatt Hotels Corp. and SBE, which are slated to operate Baha Mar hotels.
CTFE also said it would "re-engage" Rosewood Hotel Group for Baha Mar. Rosewood had committed to operating a luxury hotel at Baha Mar but backed out of the project last year.
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