The government of the Bahamas reached an agreement of $350 million for the expansion of island resorts. The agreement was signed in the conference held at Baha Mar’s Rosewood property on Wednesday, 18th September. As it starts a new chapter of the Bahamas, it was deemed a “big day for investment and tourism.” Baha Mar will construct a new hotel with 350 rooms and expand its water parks.
Addressing the big day for the Bahamas, Prime Minister Philip Davis said, “Today’s signing is a clear indication of the strength and resilience of our tourism industry and economy and a reminder of the opportunities ahead. Today marks the beginning of an exciting new chapter for Baha Mar, one that underscores the strength of our nation’s tourism industry and its incredible potential.”
Baha Mar’s new hotel will feature 350 rooms and 50 sea-facing luxury residences in front of Cable Beach. The new hotel of Baha Mar is going to feature 25,000 square feet of space dedicated to indoor and outdoor events, a ballroom of 10,000 square feet, a junior ballroom of 6,000 square feet, and entertainment lounges. Additional amenities include a world-class spa and fitness center covering 14,000 square feet, luxury retailers, pools, and additional family accommodations.
The investment of $350 million will attract global tourists as well as global investments from across the world. The investment will ultimately open hundreds of job opportunities for people looking for employment. Global investment will not only enhance the country’s economy but also develop international relationships.
“If you’re looking to do business and to invest, The Bahamas is better than ever before,” The Deputy Prime Minister and Minister of Tourism Investments and Aviation, Chester Cooper, said as he encouraged potential international investors to grab the opportunities offered by the government of Bahamas.
The Bahamas in 2023 recorded more than 30% increase in tourism after pre-pandemic period of 2019. The investment focuses on the reduction of carbon production. The Caribbean islands are known for their beautiful beaches, luxury villas, and natural beauties. The tourism sector is the base of the country’s economy. South African passport holders can easily access the privilege as it offers visa-free travel opportunities for travelers, and this will eventually boost tourism in the Bahamas.
In Washington DC, addressing the Investment Forum, the minister, Chester Cooper said, “Many of the reasons tourists come to the Bahamas, are the same reasons that investors should consider The Bahamas.”
The country aims to invest in alternative energy sectors that include carbon credits, eco-tourism, and green technology. These initiatives will focus on enhancing tourist and investor experiences and opening new jobs for Bahamian residents, ensuring Baha Mar continues to be a driving force behind the country’s economic success.
