Bahama's Unfinished Baha Mar Resort Complex Is Up for Sale

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The troubled Baha Mar resort complex on Nassau has been put up for sale, after developer Sarkis Izmirlian, lender Export-Import Bank of China and the Bahamian government failed to reach an agreement to complete the $3.5 billion complex, according to press reports. Deloitte, which was appointed receiver for the project's lender last October, has enlisted Colliers International to market the never-opened resort, which includes four new hotels, a casino, and a Jack Nicklaus-designed golf course.

No price has been posted for the 1,000-acre property, which the developer says is 97 percent complete. According to Colliers, the Bahamian government is "willing to provide special assistance" to get Baha Mar opened. Colliers lists the Baha Mar Hotel & Casino, the Grand Hyatt, and the SLS Lux Hotel & Residences in its marketing materials, as well as a "five-star luxury hotel," which initially was to be branded under Rosewood Hotels & Resorts. Rosewood requested that a Delaware bankruptcy court void its licensing agreement for the property last August.