The Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

The Wynn Group yesterday said it is targeting an April 2022 “soft opening” for its Goodman’s Bay condo hotel after generating $80m in residential unit sales.

Randy Hart, the Wynn Group’s vice-president, told Tribune Business that the COVID-19 pandemic had delayed construction by just three months. “We’re moving very quickly into the finishing phase of the construction, which is really now just putting the flesh on the bones in terms of the interior appointments and laying tiles and putting in kitchens and developing other amenities,” he said.

“So we’re heading into the home stretch now, and we anticipate delivering a soft opening for April 2022 for the hotel. Construction slowed down in the early stages with the lockdowns, and we had some supply chain hiccups with the delivery of some of our materials that were coming from Europe in the early stages of the pandemic.

“But most of the bottlenecks are behind us and we’re moving at full capacity now. The structure has been completed and we’re putting in the roof-top pool. The other amenities are starting to be built out. It’s really the exciting part now where you can really see the building and the design elements really coming to life.”

Mr Hart said sales of GoldWynn’s condos and residences continue to steadily progress, having generated $80m to-date. He added: “One wing of the building is a condo hotel, with the building split evenly between the condo hotel and the residence.

“Each side is approximately 80 units, so you would have 80 residential suites and 80 condo hotel suites. The condo hotel suites are a part of a rental programme and will operate as a five-star boutique hotel.

“I think there’s a number of factors right now which are contributing to a favourable sales programme,” Mr Hart added. “The most obvious, I think, is the building is really looking beautiful now and people can see the design and the calibre of the building. So the product itself is the number one selling point.

“We’re also seeing heightened interest generally in the market. I think the macroeconomic environment is conducive now as the country is reopening for tourism, and the fact that international buyers from the US are able to travel here more easily.”

Mr Hart said it had been more “challenging” to stimulate interest among potential European and Canadian buyers, particularly since the latter have to face quarantines and other COVID-related restrictions when they return to their home country.

He added: “I also think the appetite for permanent residency here is high, and we’re seeing a lot of affluent people who are looking to The Bahamas for residency purposes. I think this is also helping to drive demand for real estate. The market is definitely moving in the right direction and building momentum.”