Property Types Hospitality
$1B Luxury Resort on Tap in Coveted Area of Bahamas
May 15, 2008
By: Barbra Murray, Contributing Editor

The New South Ocean Development Co. will erect a $1 billion luxury resort on 385 acres along the pristine southwestern coast of New Providence Island in Nassau, Bahamas.

To be developed at a cost of over $1 billion, the New South Ocean Resort will occupy the last of three parcels in the area designated by officials of the Commonwealth of the Bahamas for full-scale casino and hotel operations.

Details of New South Ocean's offerings have not been set in stone, however, the resort will feature upscale hotel rooms, a casino, retail, residences, conference facilities, a tennis center, a mega-yacht marina and the Greg Norman-designed 18-hole Blue Shark Golf Club, which will debut later this year on a 16-acre section of the property. Located just 10 minutes from the Nassau Airport, New South Ocean will provide visitors from major U.S. cities and Europe easy access via airlift .

Tourists' longstanding attraction to the Bahamas shows no sign of wavering, and developers are jumping on the bandwagon to answer the very strong demand. In March, Related Group and Meritage Hospitality Group announced the formation of a joint venture, TRG-Meritage Bahamas L.L.C. for the development of an 884-acre resort on the island of Eleuthera. Additonally, just last month, news emerged that Starwood Vacation Ownership Inc. had completed the latest phase of The Westin St. John Resort & Villas, adding 54 new fractional and vacation ownership units.

 
Recent Hospitality Headlines
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Hilton Plans 150 Hotels in Caribbean, Latin America
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Taking yet another big step toward its goal of increasing its international portfolio by 1,000, Hilton Hotels has revealed that the behemoth Beverly Hills-based hospitality concern will step up its presence in the Caribbean and Latin America. The company will enhance its offerings with the addition of 150 properties over the next five years, thereby multiplying its current group of hotels in the regions by four.
CSV Acquires $214M Mezzanine Loan on Hotel Portfolio
Oct. 06, 2008
Carlton Group has reported that Carlton Strategic Ventures, CSV, the principal investment and merchant banking group of the Carlton Group, has acquired a $214 million participation in the M7 mezzanine loan tranche on the Extended Stay Hotels portfolio. The M7 loan tranche is a senior mezzanine level tranche with over $1 billion of subordinate debt and borrower equity. The M7 mezzanine loan is part of a $7.4 billion financing provided by Wachovia Bank, Bank of America, Merrill Lynch, and Bear Stearns to fund the acquisition of Extended Stay Hotels Inc. by the Lightstone Group in June 2007.
$55M Financing Deal Wraps Up for New Ritz-Carlton Denver
Oct. 06, 2008
A $55 million mortgage loan for the 202-room Ritz-Carlton Denver, located in downtown Denver at 1881 Curtis St., has just closed
Casino Hotels Feel the Pinch from the Economic Slowdown
Oct. 06, 2008
Lower airline capacity, tighter credit markets and the general economic downturn now gripping the U.S. have taken a deep toll on casino hotels. A sector that was enjoying positive times as recently as 2007 is now experiencing some daunting problems in two gaming capitals, Las Vegas and Atlantic City.
 

 

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