CaribPR Wire » Chow Tai Fook Enterprises Limited

Chow Tai Fook Enterprises Limited to Own and Operate Baha Mar Resort

caribpr — Mon, 12 Dec 2016 23:02:03 +0000

Leading, Global Conglomerate to Create Thousands of Jobs for Bahamians

Phased Opening Planned for Resort Beginning April 2017

NASSAU, Bahamas, Dec. 12, 2016 /PRNewswire-HISPANIC PR WIRE/ – Chow Tai Fook Enterprises Limited (CTFE), a leading Hong Kong-based global conglomerate with a diversified business portfolio – including extensive hospitality experience with resort and mixed-use developments worldwide – today announced it has signed an agreement to own and operate Baha Mar Resort. The signed share purchase agreement (SPA) allows for the acquisition by CTFE of all issued capital from Perfect Luck Assets Limited (Perfect Luck), including those Baha Mar Resort assets previously transferred to the company.

Said Graeme Davis, President, CTFE’s Bahamas subsidiary, “CTFE will dedicate significant, ongoing investment and resources towards the pre-opening and opening of Baha Mar Resort. We will also ensure that the Bahamian people and the region benefit fully from the project, which will create tremendous job and economic stimulus opportunities. Further, by combining our global hospitality expertise with the vibrant and authentic Bahamian culture, we will create a memorable, unmatched experience for guests of which all Bahamians can be proud.”

CTFE is in discussions with several globally recognized hospitality brands to be luxury hotel operators at Baha Mar including Grand Hyatt, SLS Hotels, and CTFE subsidiary, Rosewood Hotel Group.

To prepare for the opening of the casino hotel and casino, CTFE is onboarding a leadership team of executives from internationally recognized brands. It plans to begin recruiting employees for the casino in the New Year and is also in discussions to form marketing alliances with leading global gaming companies.

CTFE Brings Vast, Global Expertise with a Diverse Portfolio Including Tourism and Hospitality

CTFE has a diversified, international business portfolio across the commercial real estate, hospitality, retail and transportation industries that includes property holding and development; hotel investment and management; jewellery retailing and department store interests; and transportation and infrastructure investment. Among the publicly listed companies controlled by CTFE are New World Development Company Limited, a property developer with a market capitalization of over US $10 billion; NWS Holdings Ltd, an infrastructure and transportation company with a market capitalization of over US $6 billion; and Chow Tai Fook Jewellery Group Limited, one of the largest jewellery retailers in the world with a market capitalization of over US $8 billion.

Within the tourism and hospitality arena, CTFE’s expertise is extensive, in part through its ownership of Rosewood Hotel Group, which owns and/or operates 55 hotels in 18 countries under three different brands. These include some of the world’s most iconic hotel properties including The Carlyle, A Rosewood Hotel (New York), Rosewood London and Rosewood Beijing. Rosewood Hotel Group also operates three Caribbean resorts: Jumby Bay, A Rosewood Resort in Antigua, Rosewood Tucker’s Point in Bermuda, and Rosewood Little Dix Bay in the British Virgin Islands (re-opening 2017).

In addition, the expertise of CTFE and its affiliated companies includes large-scale investment and development projects such as the US $10+ billion Greenwich Peninsula development project, one of the largest investments in London’s history, which is expected to include more than 15,000 new residences; the Queen’s Wharf Brisbane, a US $2.3 billion integrated resort development project in Australia; and a deluxe casino hotel development in Metro Manila, in the Philippines.

CTFE Committed to Phased Opening of Baha Mar Resort Beginning April 2017 and the Creation of Thousands of Jobs for Bahamians

CTFE is dedicated to the successful and timely opening and operation of Baha Mar Resort. Upon completion of the project by China Construction America (CCA) and EXIM Bank, the company intends to quickly establish Baha Mar as one of the world’s finest destination properties. CTFE plans to open the resort in phases, beginning with phase one in April 2017, which will include the casino hotel, casino, convention center and golf course. The company estimates that more than 1,500 jobs will be generated for Bahamians within this first phase. Once fully operational, Baha Mar Resort will employ thousands more.

Davis continued, “The Bahamas is one of the most iconic and popular destinations in the Caribbean. As we build on the foundation that has been established thus far, a critical part of our vision for Baha Mar Resort is to showcase the extraordinary beauty of the island in addition to its culture. In partnership with the Bahamian people, we look forward to delivering future guests a resort that is distinctive not only for the Bahamas but for the entire Caribbean.”

CTFE has plans to invest an additional US $200 million in the project to support pre-opening activities as well as the redevelopment of the prime beachfront Crystal Palace Casino Hotel site, and the development of additional family-friendly amenities, entertainment venues and offshore island facilities.

Bahamian Prime Minister and EXIM Bank Support CTFE in its New Role

“We are delighted to have CTFE join Baha Mar Resort as the owner and developer, leveraging its expansive network and resources to open new markets and opportunities for The Bahamas that will deliver great benefits to the island and our people,” said the Right Honourable Prime Minister, Perry G. Christie. “The Government is confident that CTFE has the precise capabilities and track record to successfully complete and operate Baha Mar Resort from both a lodging and casino perspective. We look forward to having such a renowned and experienced company turn the vision for Baha Mar Resort into reality.”

EXIM Bank said in a statement, “While there have been challenges with the project along the way, The Government of The Bahamas and EXIM Bank have been steadfast in bringing this project to fruition. Now, with a supremely qualified, world-class owner and operator in place, we look forward to working together with CTFE to bring the already stellar reputation of the Bahamas as a leading tourism destination to a new level.”

About Chow Tai Fook Enterprises Limited

Chow Tai Fook Enterprises Limited (CTFE) is a leading Hong Kong-based conglomerate owned and controlled by the Cheng Family with a diversified global business portfolio. Principal activities of CTFE and the Cheng Family include commercial real estate, hospitality, retail and transportation industries that includes property holding and development; hotel investment and management; jewellery retailing and department store interest; transportation and infrastructure investment. Among the publicly listed companies controlled by CTFE are New World Development Company Limited, a property developer with a market capitalization of over US $10 billion; NWS Holdings Ltd, an infrastructure and transportation company with a market capitalization of over US $6 billion; and Chow Tai Fook Jewellery Group Limited, one of the largest jewellery retailers in the world with a market capitalization of over US $8 billion.

Opening Baha Mar: Another Step Closer

caribpr — Thu, 27 Oct 2016 23:49:10 +0000

Press Release from Chow Tai Fook Enterprises Limited

NASSAU, Bahamas, Oct. 27, 2016 /PRNewswire-HISPANIC PR WIRE/ – Chow Tai Fook Enterprises Limited (CTFE) is pleased to announce that it has entered into negotiations in connection with the ownership of Baha Mar. CTFE, a world-class developer with immense experience in global hospitality and mixed-use development, has applied to the Government of The Bahamas for approval as a proposed investor and acquirer of the Baha Mar Resort, by way of acquisition of Perfect Luck Assets Limited (Perfect Luck), the company to which certain assets of the Baha Mar Resort have been transferred.

Not only does CTFE have a vast and diverse portfolio of global business operations, but one of the company’s subsidiaries, Rosewood Hotel Group, has had a relationship with Baha Mar since 2011. CTFE has significant experience in tourism/hospitality, in part, through Rosewood Hotel Group, which manages 55 hotels in 18 countries under three different brands. Some of CTFE’s most iconic owned properties include The Carlyle, A Rosewood Hotel (New York); Rosewood London; The Beverly Wilshire, a Four Seasons Hotel (Beverly Hills); and the Grand Hyatt (Hong Kong). Rosewood Hotel Group also operates three resorts in the Caribbean: Jumby Bay, A Rosewood Resort in Antigua, Rosewood Tucker’s Point in Bermuda, and Rosewood Little Dix Bay in the British Virgin Islands (re-opening 2017).

CTFE also has extensive experience with large-scale integrated developments. For example, one of the largest investments in London’s history, the over US$10 Billion Greenwich Peninsula development project, as well as the Queen’s Wharf Brisbane, a US$2.3 Billion integrated resort development project in Australia, are both CTFE and affiliated company projects.

“CTFE is looking forward to having Baha Mar join its portfolio of world-class integrated resort development projects,” said Dr. Henry Cheng, Chairman of CTFE. “We are fully committed to this project and plan to hire as many Bahamians as possible to work at the property.”

CTFE is dedicated to the successful opening of Baha Mar and will work with the Government to achieve the goal of a phased opening. As part of the company’s commitment to the project and The Bahamas in the immediate term, CTFE will invest millions ahead of the official deal completion through pre-opening activities and employment – which has already commenced and will be expanded in the coming weeks and months.

Graeme Davis, the President of CTFE’s Bahamas subsidiary added, “CTFE is a company that embraces and champions the culture and values of the communities where it does business around the globe. We are excited to create an experience in The Bahamas that showcases what we collectively have to offer the world. We are confident that Baha Mar will be a property that Bahamians can be proud of.”

As part of the remobilization efforts, CTFE is already in discussions with hotel brands previously involved in the Baha Mar project, including Hyatt and SLS Hotels. CTFE also intends to re-engage its subsidiary, Rosewood Hotel Group, as a luxury hotel operator at Baha Mar.

Given the non-disclosure agreement in place, the stakeholders involved are unable to discuss specific terms of the transaction or the negotiations at this time. However, we look forward to keeping the public informed on pre-opening activities.

About Chow Tai Fook Enterprises Limited
Chow Tai Fook Enterprises Limited (CTFE) is a leading Hong Kong-based conglomerate owned and controlled by the Cheng Family with a diversified business portfolio spanning across the globe. Principal activities of CTFE and the Cheng family include property holding and development, hotel investment and management, jewelry retailing, department stores, transportation and infrastructure investment. Major listed companies controlled by CTFE and the Cheng Family include New World Development Company Limited (HKEx Code: 17), a property developer with a market capitalization of over US$11 billion, NWS Holdings Ltd (HKEx Code: 659), an infrastructure and transportation company with a market capitalization of over US$6 billion, and Chow Tai Fook Jewellery Group Limited (HKEx Code: 1929), one of the largest jewelry retailers in the world with a market capitalization of over US$7 billion.