The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

Prime Minister Perry Christie yesterday confirmed the Government had given “the green light” to a joint venture involving Bahamas Ferries that would expand Eleuthera’s Coco Di Mama resort six-fold.

Speaking at the groundbreaking for fellow Eleutheran resort, the French Leave Marina Village, Mr Christie said his administration had approved Coco Di Mama’s expansion from 12 to 72 rooms via Bahamas Ferries’ joint venture with Urgo Hotels.

Sean Urgo, a principal of Urgo Hotels’ development arm, told Tribune Business in April 2012 that the partners were looking at a $15 million first phase investment, with the total capital spend likely to hit $25 million.

Urgo acquired Coco Di Mama in 2007, and Mr Urgo said then that it was in the process of acquiring from the Government almost 11 acres at the former US Navy base site immediately to the south of its existing land to facilitate the expansion.

“We’re partnering up with Craig Symonette [major Bahamas Ferries shareholder]” Mr Urgo said. “It’s a renovation of the existing Coco Di Mama and an expansion project. The first phase will be 30 new hotel rooms, bringing Coco Di Mama’s room count up to 42, and one condo building featuring four two-bed condos. The first phase project is to bring the hotel rooms up to 41 and one condo building.

“It’s a $25 million total investment, but the initial first phase is $15 million. When we build this expansion out all the way, and combine all the condos eventually built, it will be $25 million.”

Yesterday, referring to the French Leave and Coco Di Mama, together with the Cove at Gregory Town, Mr Christie said: “These three tourism projects, together with the construction by the Government of a modern multi-million mini hospital, which will begin shortly in Palmetto Point, will provide hundreds of new construction and permanent jobs for the people of Eleuthera.”

He added that the hospital would support Eleuthera;’s tourism industry, as well as the local population, by providing quality medical care available to visitors and second homeowners.

Pledging that the Ministry of Tourism was already working with industry stakeholders to ensure there was enough airlift to support Eleuthera’s tourism industry, Mr Christie said the first phase at French Leave would feature a hotel and residential community.

Noting that he had concluded a Heads of Agreement with French Leave’s initial principal, Eddie Lauth, some seven years ago during his first administration, Mr Christie said the majority equity stake in the development had since been acquired by the US-based Shaner Group.

Mr Lauth has remained as a partner in the project, together with Robert Poole.

Describing it as a two-phase project, Mr Christie said: “These two phases will entail the investment of some $12 million. Phase I will comprise the construction of 21 hotel cottages, bar and grill restaurant, pool, clubhouse facility and two restored docks.

“Phase II will see the construction of an additional 17 cottages. It is the intention of the developer to continue to grow the resort in manageable phases as demand warrants under the leading Marriott brand affiliation.

“The designs will reflect the authentic style of the traditional architecture of the older homes and buildings in Governor’s Harbour. The developer will in the main use Eleutheran contractors and workmen in the construction of the resort.”

The Prime Minister said Shaner operated 35 hotels in the US, and was responsible for developing some 75 properties under brands such as Hilton, Marriott and Intercontinental.