Chow Tai Fook Enterprises Completes Takeover of Baha Mar

The Bahamas' troubled Baha Mar resort officially has a new owner and operator.

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Hong Kong-based Chow Tai Fook Enterprises Limited (CTFE) has signed an agreement to own and operate the $3.5 billion resort, it confirmed Monday.

Originally scheduled to open in late 2014, the resort has been delayed for a variety of issues, including bankruptcy filings and construction delays.

Terms of the acquisition weren't disclosed. However CTFE said it remains on schedule to open the first phase of Baha Mar in April 2017. The initial phase will include the opening of the property's casino hotel, casino, convention center and golf course and will produce more than 1,500 jobs.

The resort is estimated to be about 97 percent complete and CTFE anticipates it will invest an additional $200 million in the project, which will employ thousands once fully operational.

READ MORE: Baha Mar to Open First Phase by Second Quarter of 2017

"CTFE will dedicate significant, ongoing investment and resources towards the pre-opening and opening of Baha Mar Resort," the president of the company's Bahamas subsidiary Graeme Davis said in a statement accompanying Monday's announcement. "By combining our global hospitality expertise with the vibrant and authentic Bahamian culture, we will create a memorable, unmatched experience for guests of which all Bahamians can be proud."

In his own statement, Bahamas Prime Minister Perry Christie said "the Government is confident that CTFE has the precise capabilities and track record to successfully complete and operate Baha Mar Resort from both a lodging and casino perspective."

"We look forward to having such a renowned and experienced company turn the vision for Baha Mar Resort into reality."

Currently, CTFE is in talks with a handful of hospitality brands as it seeks hotel operators at the resort. Brands in the mix include Grand Hyatt, SLS Hotels, and CTFE's own Rosewood Hotel Group.

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