Mergers & Acquisitions

Chow Tai Fook Enterprise in talks to acquire Baha Mar Resort in Bahamas

PUBLISHED : Friday, 28 October, 2016, 11:04pm
UPDATED : Friday, 28 October, 2016, 11:06pm

Chow Tai Fook Enterprise (CTFE), the developer privately owned by the family of tycoon Henry Cheng Kar-shun, says it has entered into negotiations to acquire the Baha Mar Resort, the largest and priciest holiday resort in the Caribbean.

The company, which has 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, it said in an announcement on Friday.

“CTFE is looking forward to having Baha Mar join its portfolio of world-class integrated resort development projects,” said 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 did not provide any financial details on the acquisition, but said it would invest heavily in pre-opening activities ahead of the official deal completion which would help boost local employment.

“CTFE is a company that embraces and champions the culture and values of the communities where it does business around the globe,” said Graeme Davis, president of CTFE’s Bahamas subsidiary. “We are excited to create an experience in the Bahamas that showcases what we collectively have to offer the world.”

The company said that it has had a relationship with Baha Mar since 2011 through its subsidiary Rosewood Hotel Group.

The Rosewood Hotel Group manages 55 hotels under three different brands in 18 countries.