HK’s Chow Tai Fook to buy Bahamas resort, to invest $200m

A village in the Bahamas.

Chow Tai Fook Enterprises Limited (CTFE), a Hong Kong-based hospitality conglomerate, will purchase and operate Baha Mar Resort in the Bahamas, a mega-resort with a reported value of $3.5 billion.

CTFE will acquire the issued capital from Perfect Luck Assets Limited (Perfect Luck) including Baha Mar Resort assets previously transferred to the company. CTFE has plans to invest an additional $200 million in the project to support pre-opening and redevelopment activities.

Graeme Davis, President of CTFE’s Bahamas subsidiary, stated: “CTFE will dedicate significant, ongoing investment and resources towards the pre-opening and opening of Baha Mar Resort.”

CTFE is in discussions with several global hospitality brands to be luxury hotel operators at Baha Mar. These include Grand Hyatt, SLS Hotels, and CTFE subsidiary Rosewood Hotel Group. It is also in discussions to form marketing alliances with global casino gaming firms.

CTFE maintains a diversified, international business portfolio across the commercial real estate, hospitality, retail and transportation industries.

Among the publicly listed companies controlled by CTFE are New World Development Company Limited, a property developer with a reported market capitalisation in excess of $10 billion; NWS Holdings Ltd, an infrastructure and transportation company with a market capitalisation in excess of $6 billion; and Chow Tai Fook Jewellery Group Limited, one of the largest jewellery retailers in the world with a market capitalization of over $8 billion .

Upon completion of the project by China Construction America (CCA) and EXIM Bank, the company intends to open the resort in phases, beginning with phase one in April 2017. This will include the casino hotel, casino, convention centre and golf course.

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
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