The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

THE government continues to see success in its efforts to help revive many stalled resort and foreign direct investment projects according to State Minister for Investments Khaalis Rolle, noting that there are several resorts outside the Baha Mar project whose redevelopment the administration has facilitated.

In an interview with Tribune Business, Mr Rolle said that the Warwick Paradise Island resort, formerly the Paradise Island Harbour Resort, was one of several resorts under redevelopments. Warwick International is investing “north of $18 million” as it undertakes renovations to ‘transform’ the former Paradise Island Harbour Resort, which it acquired in 2012 from Lehman Brothers Holdings and Driftwood Hospitality Management (via Gemwood Paradise Ltd), during an auction. The resort which is expected to open early next year will create between 125 and 200 jobs.

“This is just one of the resorts that we announced previously that is under new ownership and under reconstruction and renovation,” Mr Rolle said. “The owners and developers have put a lot of resources into redefining what the resort is and a lot of work has been done. There is still work to be done. This is one out of quite a bit outside of the Baha Mar resort that is currently not open as yet. As we go through this process we are going to look at all of the others resorts and FDI projects that were on the government’s agenda between 2012 and now that are currently making its way through completion stage.”

He added: “On West Bay Street a tremendous amount of work has been done; many of the projects in the development phase now were stalled. We went out and we looked for operators and potential investors and got them interested in some of the projects. In some of them the previous owners marketed them for sale and ended up getting people interested and the government has worked with them to facilitate the acquisition and the transition through the government process.”

Mr Rolle said that efforts to streamline the Bahamas Investment Authority (BIA) were underway. “We’re still going through the process of streamlining the BIA. The redevelopment process is part of the National Development Plan. You have to build the internal infrastructure as well as the external infrastructure. We brought on some new staff, we still have additional staff members to bring on. We just recently hired another investment officer. We’re trying to find the right people with the right attitude and skill set; those that can contribute to the smooth operation of the area of investment.”