You may remember I reviewed the upcoming Baha Mar Hotels and Resort previously.
Well this mega hotel seems to have fallen into financial difficulty. Blaming delays by the general contractor, the owners of Baha Mar — the multibillion-dollar Caribbean resort — filed for Chapter 11 bankruptcy protection in Delaware.
The project’s most recent scheduled opening date was in late March, but Baha Mar remains unfinished, and no new opening date has been announced.
Developer Sarkis Izmirlian said China Construction America was responsible for the delays. “The general contractor repeatedly has missed construction deadlines,” Izmirlian said in a statement. “Unable to open, the resort has been left without a sufficient source of revenue to continue our existing business.” Court papers indicated Baha Mar is 97% complete. Baha Mar Ltd. is seeking court approval for up to US$80 million in financing that will allow the project to operate during the bankruptcy process.
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