Bahamas News
02-17-05, - 11:05 PM
Investors Leave Wyndham
Candia Dames
The investors for the proposed billion-dollar Cable Beach development yesterday dismantled their offices in the Wyndham Nassau Resort on the same day that they had to meet a deadline to acquire that property from hotelier Phil Ruffin.
The significance of this move, however, remained unclear amid reports that the Baha Mar development group had sought a time extension from Mr. Ruffin to complete their due diligence.
Sarkis Izmirlian, one of the principal investors, said last night that he had no comment.Tom Bain, who is also involved in negotiations for the potential development, also declined to make a statement.
Sources close to the deal, meanwhile, said that government officials and the investors, who are planning the billion-dollar develop in the area, were walking on eggshells as it relates to the sale of the Wyndham Nassau Resort and the Nassau Beach hotels.
Mr. Ruffin indicated to the Bahama Journal several weeks ago that the deal may not go through unless the money was on the table by the deadline.
Officials at his U.S. offices said on Thursday that he was locked away in meetings all day and was not available for comment. However, Mr. Ruffin was expected to travel to Nassau last night.
Meanwhile, a spokesman for the Baha Mar group confirmed to the Bahama Journal late yesterday that the investors, who had set up offices on a floor of the Wyndham, had moved out.
Trailers lined the property and workers were seen toting office supplies out of the hotel.
A lot is riding on the proposed Cable Beach development.It has been something the prime minister said would transform the tourist area, providing new job opportunities and a boost for a drab portion of New Providence.
After many days of grueling negotiations for the proposed Cable Beach development, Prime Minister Perry Christie indicated yesterday that he was so focused on trying to seal the deal that he was focusing on little else.
“You will have a very proactive prime minister as soon as I can get my head out of this Cable Beach situation,” Mr. Christie said at a press conference. “I’m locked down right now. As soon as I get my head out of this Cable Beach situation and the West End situation…I expect both to finish shortly because I’m introducing, I hope, major development in both places, I hope.”
Much like his hopes for the Cable Beach project, the prime minister is looking forward to announcing a $2.5 billion project for western Grand Bahama.
The Ginn Development Company out of Florida has submitted a proposal to the government, which Mr. Christie has said would have a transforming effect.
“And so if those things happen then we’re going to be able to show you every day and we’re going to show all of those people twice and three times and four times a day until they get tired of hearing it, ‘see what we’re doing,” because people have to see it and there’s going to be no question about it and so whether it’s the LNG facilities, whether it’s the resort, everything has to be done in our country that makes sense.”
Candia Dames
The investors for the proposed billion-dollar Cable Beach development yesterday dismantled their offices in the Wyndham Nassau Resort on the same day that they had to meet a deadline to acquire that property from hotelier Phil Ruffin.
The significance of this move, however, remained unclear amid reports that the Baha Mar development group had sought a time extension from Mr. Ruffin to complete their due diligence.
Sarkis Izmirlian, one of the principal investors, said last night that he had no comment.Tom Bain, who is also involved in negotiations for the potential development, also declined to make a statement.
Sources close to the deal, meanwhile, said that government officials and the investors, who are planning the billion-dollar develop in the area, were walking on eggshells as it relates to the sale of the Wyndham Nassau Resort and the Nassau Beach hotels.
Mr. Ruffin indicated to the Bahama Journal several weeks ago that the deal may not go through unless the money was on the table by the deadline.
Officials at his U.S. offices said on Thursday that he was locked away in meetings all day and was not available for comment. However, Mr. Ruffin was expected to travel to Nassau last night.
Meanwhile, a spokesman for the Baha Mar group confirmed to the Bahama Journal late yesterday that the investors, who had set up offices on a floor of the Wyndham, had moved out.
Trailers lined the property and workers were seen toting office supplies out of the hotel.
A lot is riding on the proposed Cable Beach development.It has been something the prime minister said would transform the tourist area, providing new job opportunities and a boost for a drab portion of New Providence.
After many days of grueling negotiations for the proposed Cable Beach development, Prime Minister Perry Christie indicated yesterday that he was so focused on trying to seal the deal that he was focusing on little else.
“You will have a very proactive prime minister as soon as I can get my head out of this Cable Beach situation,” Mr. Christie said at a press conference. “I’m locked down right now. As soon as I get my head out of this Cable Beach situation and the West End situation…I expect both to finish shortly because I’m introducing, I hope, major development in both places, I hope.”
Much like his hopes for the Cable Beach project, the prime minister is looking forward to announcing a $2.5 billion project for western Grand Bahama.
The Ginn Development Company out of Florida has submitted a proposal to the government, which Mr. Christie has said would have a transforming effect.
“And so if those things happen then we’re going to be able to show you every day and we’re going to show all of those people twice and three times and four times a day until they get tired of hearing it, ‘see what we’re doing,” because people have to see it and there’s going to be no question about it and so whether it’s the LNG facilities, whether it’s the resort, everything has to be done in our country that makes sense.”