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Many have been anxiously awaiting the opening of the new Bahamas resort, the Grand Hyatt Baha Mar, in Nassau. However, delay after delay has ensued.
Yesterday, as feared, Baha Mar Ltd., the developer of the Baha Mar resort filed for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code. This is the text of the announcement on the Baha Mar website:
The Baha Mar Board of Directors has determined that due to the financial consequences of the repeated delays by the general contractor, and the resulting loss of revenue, the Chapter 11 process is the best path to provide the time to put in place a viable capital structure and working relationships to complete construction and successfully open Baha Mar. The voluntary Chapter 11 filing has been made in the U.S. Bankruptcy Court for the District of Delaware.
We are committed to doing all we realistically can to move Baha Mar forward to be completed and opened successfully. We are confident that once opened, Baha Mar will be a world-class destination resort that will attract guests from around the world and serve as a key economic sparkplug in The Bahamas.
The plan is thus a Bankruptcy reorganization, and to move forward in developing the Baha Mar Resort.
What does this mean for Hyatt? One can no longer make reservations for the hotel. It seems, at best, there will be a substantial further delay in opening this resort. At worst… who knows.
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