Baha Mar Resorts, Ltd. Finalizes Historic Agreements With Chinese Banking and Construction Partners
The agreements include financing arrangements of $2.5 billion by Export-Import Bank of China, with construction accords designating China State Construction and Engineering Corporation as the project’s general contractor; and an investor agreement between Baha Mar and China State Construction, which will assume a minority equity interest. Baha Mar is an unprecedented resort development in The Bahamas that captures the true spirit of the island and the region, while bringing together the most prestigious collection of hospitality brands in the world to create a leading resort destination.
The agreements were signed by Baha Mar Resorts’ Chairman and CEO, Mr. Sarkis Izmirlian; Export-Import Bank of China Vice President, Mr. Li Jun; and China State Construction and Engineering Corporation’s Vice President, Mr. Liu Jinzhang, at a private signing event held in Miami on Tuesday, March 30 and attended by representatives from all three parties. These agreements bring to closure a series of discussions and negotiations between Baha Mar and both Chinese partners from the banking institution and state-owned construction corporation that began in April 2008.