The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

Bahamians were yesterday urged to “rid themselves of any negative thoughts” as to whether the latest $200m effort to revive the Cotton Bay Club is for real.

Sir Franklyn Wilson, who heads the adjacent Jack’s Bay development, told Tribune Business that Bahamians needed to disabuse themselves of the notion that Colombian billionaire, Dr Luis Carlos Sarmiento, and his Cotton Bay Holdings team have been “dragging their feet” on the south Eleuthera project for 25 years.

Speaking after the Davis administration signed a revised Heads of Agreement with Cotton Bay Holdings, which will see the property branded by Marriott International’s Ritz-Carlton Reserve brand, he again blamed “terrible public policy” by the then-government for the project failing to proceed as far back as 1997.

Asked what should convince Bahamians, and especially Eleuthera residents, that Dr Sarmiento’s project is now ‘a go’ after several previous efforts stalled, Sir Franklyn said of yesterday’s agreement signing: “This is tremendously good news for the Commonwealth of The Bahamas and Eleuthera in particular.

“The Sarmiento people are of the very highest quality, and that is not just a function of the family being considered to be of very substantial means. These are people of the highest standard. They’ll be great for the country.

“I encourage all Bahamians, particularly from Eleuthera, who in any way think these people are dragging their feet, and are having any negative thoughts about them, to rid themselves of it,” he blasted.

“The project did not start in 1997 because of terrible public policy; terrible public policy. I say that four times. Terrible public policy. Those responsible for it owe an apology to the country for terrible public policy.”

Sir Franklyn did not identify who he was blaming, although given that the Hubert Ingraham-led Free National Movement (FNM) was in office at the time this is likely to be who he is pointing the finger at. 

Asked to explain what he meant by “terrible public policy”, and give specifics, the Jack’s Bay principal replied: “The way they treated Sarmiento, the father. There was no explanation for it. It was terrible public policy.

“Those people were ready and willing to go, but bad public policy, bad public policy and governance, this is what derailed this thing in 1996 and 1997 and, in my humble opinion, triggered the recession Eleuthera has not come out of,” Sir Franklyn said.

“If it’s for real or not for real, it’s not because of Sarmiento. It’s because of our governance and, in particular, our governance in 1996-1997. This is what the terrible governance of that period triggered; the depression in south Eleuthera.

“These are great people; people of the highest standards, and who the country should welcome with open arms. The question of whether it’s for real is a function of other things. It isn’t a function of these people.”

While Sir Franklyn’s “terrible public policy” assertion will likely be challenged, especially by the then-government, the relationship between Dr Sarmiento and ex-prime minister, Hubert Ingraham, was certainly strong just prior to the latter’s 2012 election defeat.

The latter revealed during a May 2012 campaign rally at Governor’s Harbour that the Government was “very close” to sealing a deal with the Colombian billionaire, reputedly the South American nation’s richest man with a $10.3bn fortune obtained from banking.

“I was very pleased yesterday, ladies and gentlemen, as my final act with Cabinet in the Bahamas, to finally give the approval to the Sarmiento development at Cotton Bay,” Mr Ingraham said then. He added that the project was first conceived in the 1990s but did not make much progress as Dr Sarmiento wanted to buy more land but the Government would not allow it.

“I flew into Bogota, Colombia, met with Dr Sarmiento and we now have a deal,” Mr Ingraham said. “The project has changed over the years but I’m happy to be able to tell you that we’ve very close to completing the final arrangements for the centre piece hotel.”

That Heads of Agreement, which involved a Four Seasons-branded property, was left for the subsequent Christie administration to sign in 2015. However, the development again failed to move forward, and little had been heard of it until yesterday’s revised Heads of Agreement signing at the Prime Minister’s Office that replaced Four Seasons with a Ritz-Carlton Reserve.

Daniel Zuleta Martinez, Cotton Bay Holdings’ Bahamas country manager, said some 500 persons will be employed over a four-year construction build-out that will take place in three phases. While no start date was given, the property will feature 90 rooms including a 60-villa Ritz-Carlton Reserve, with 200 full-time jobs set to be created upon completion.

The Prime Minister, who was present at the Heads of Agreement signing with deputy prime minister, Chester Cooper, said a compliance unit will be created to ensure the developer meets its commitments and that Bahamians are given first preference for jobs.

Describing the Cotton Bay project as “an igniting of the past”, Philip Davis added: “Investments have been the lifeblood of the economy. We have been restoring and bringing in new investments.” 

Mr Cooper said the developers were proceeding because “the environment is now ripe for investment”. He added: “It is an important beginning and a bright future for residents of South Eleuthera in terms of job creation, new business opportunities and economic growth.

“We have seen increased interest in investment. The Ritz-Carlton brand is good for Eleuthera and we are seeing the light at the end of the tunnel.” Some 34 persons currently work at Cotton Bay.

Mr Zuleta added: “We have been a part of the Bahamian landscape for over 25 years, working alongside the Government of the Bahamas and the community of South Eleuthera to create opportunities for growth and development.

“We are very excited to now partner with Marriott International to combine world-class hospitality with island magnificence, and the stunning natural beauty of The Bahamas. We believe that this project will transform the economy of Eleuthera.

“We chose Marriott because we wanted to work with the best brand in the world to develop this island sanctuary in Eleuthera, and Marriott, but specifically The Ritz-Carlton Reserve, is the perfect brand to harness the magic and seclusion of Eleuthera.”