Baha Mar lays off workers

A rendering of the Baha Mar resort.

The developer of Bahamas’ stalled Baha Mar resort on Thursday laid off about two,000 workers, as no agreement has however been reached in between the project’s developer, lender and contractor on how to finish the $ three.5 billion project.

“With Baha Mar nonetheless not completed, no concrete remedy in place, no confirmed funding source and without the benefit of binding the parties into a verified reorganization method, there is merely no way for Baha Mar to sustain the thousands of jobs that are getting cut these days,” Sarkis Izmirlian, principal of the developer, Baha Mar Ltd., wrote in a letter obtained by Travel Weekly. Whilst Izmirlian wasn’t any much more particular about how a lot of jobs have been lost, it’s believed to be almost 2,000.

The Bahamas’ publication the Tribune, which reported on the layoffs earlier today, said the layoffs had been spurred by a request from KRyS Worldwide and Aliz Partners, the provisional liquidators who the Bahamas Supreme Court appointed to oversee the project. The appointees stated earlier this month that talks between the developer, its China-primarily based major contractor and its China-primarily based lender were “constructive.”

Neither representatives with KRyS Worldwide, Aliz Partners nor the Bahamas government instantly responded to a request for comment from Travel Weekly late Thursday.

Construction delays led developer Baha Mar Ltd. to file for bankruptcy in late June so that it could protect its assets and full the resort, which the developer says is 97% built. Since then, talks amongst the developer, lender, contractor and Bahamian government have been contentious, and the U.S. Bankruptcy Court in Delaware threw out the case last month.

Baha Mar was slated to contain the 1,000-space Baha Mar Casino &amp Hotel, the 707-area Grand Hyatt at Baha Mar, the 300-room SLS Lux at Baha Mar and the 200-space Rosewood at Baha Mar. The project’s fifth hotel and lone pre-current property, the 694-area Melia Nassau Beach, remains open as it completes its renovations and conversion to the Melia at Baha Mar early next year.

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