NASSAU, The Bahamas -- Baha Mar Resorts Ltd. has entered into a joint venture with Harrah's Entertainment, Inc. (NYSE:HET) and Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) to create the Caribbean area's largest single-phase destination resort, company officials have announced.
A centerpiece of the development will be the creation of an 18-hole Jack Nicklaus Signature Golf Course as part of Phase 1, and the addition of a second golf course in a future phase.
Construction on the resort will begin in 2007, with the opening set for 2010, officials said. Future phases of Baha Mar will include additional hotels, a variety of residential offerings.
In a letter of intent, the three partners will make "cross-property" investments in Baha Mar, which will be a 1,000-acre, mixed-use, one-of-a-kind project. The venture represents a unique structure for the hospitality and gaming industries and calls for a total investment of $1.6 billion for the initial phase.
With Caribbean-inspired design elements that fuse the area's Colonial, European and African influences with the region's lush natural landscapes and waterscapes, Baha Mar is expected to include an open-air porte-cochere with an expansive water boulevard and 55-foot-high circular waterfall.
Baha Mar will include the largest free-standing luxury spa in the Caribbean area; an eco-water park attraction with show lake for live performances and events; 175,000 square feet of meeting space; and a 20-acre beach and pool with 3,000 feet of continuous beachfront. Plans also include a 50,000-square-foot retail village; chef-branded restaurants, and entertainment venues; and a total of 3,550 guest rooms, making it the largest in the Caribbean area.
Harrah's Entertainment will operate a new 1,000-room Caesars Resort Hotel and 95,000-square foot casino on the property, along with a collection of four Starwood hotels including a 300-room W at Baha Mar, a 300-room St. Regis at Baha Mar, a 700-room Westin at Baha Mar and a 700-room Sheraton at Baha Mar.
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