The Tribune

THE Old Bahama Bay Resort & Marina’s owners yesterday confirmed that a new management agreement had been reached with property’s 73 condominium owners, featuring a Florida company run by Al Tenenbroek and others involved in operating/opening the hotel between 2007-2011.

Talks over a new arrangement had been ongoing since Old Bahama Bay owner, Lubert Adler, and its masterplanning adviser, Crave Real Estate, announced in December 2011 they were not seeking a renewal of their Old Bahama Bay management agreements, largely because they were losing what is understood to have been several million dollars a year on them.

Now, an entity called Island Ventures Resort & Club (IVRC), has been formed to undertake management responsibilities.

James Culmer of West End has been appointed general manager, and Jackie Carroll of Freeport has been appointed to the post of resort manager. Advisory services will be provided by Management Services, a Floridabased hospitality consulting company whose principals were involved in opening and operating Old Bahama Bay from 2001 to 2007.

Derek Gape, project and operations manager for the Old Bahama Bay owner, said: “This new arrangement brings together the major stakeholders at Old Bahama Bay (LRA Old Bahama Bay, West End Resort Ltd, Old Bahama Bay condominium owners, and Old Bahama Bay lot and home owners) to share in the benefits and obligations of property operations. ‘LRA’ will continue to maintain a small team of Bahamian employees and consultants to manage other facets of the Old Bahama Bay project.”

“This is an exciting new opportunity for the management and staff at Old Bahama Bay” said Mr Culmer. “We look forward to implementing new marketing programmes for the resort ,and to providing high quality, friendly service to our owners and guests.”

Lubert Adler and the Crave Group, in the shape of Old Bahama Bay, have retained responsibility for the resort’s marina and food and beverage operations.

Failure to reach an agreement earlier resulted in some 29 Old Bahama Bay employees being laid-off earlier this year.

Old Bahama Bay Resort and the surrounding 225 acres, plus another 294 acre parcel that contains the golf course in West End, are controlled by Lubert Adler, the main financier for the stalled $4.9 billion Ginn sur Mer project. The resort property also includes a 72-slip marina and two restaurants. Lubert Adler has partnered with The Crave Group, the Canadian-based developer, to master plan those landholdings and move them forward.