Atlantis is SOLD OUT for Thanksgiving Weekend!

By NATARIO McKENZIE

#Tribune Business Reporter

#nmckenzie@tribunemedia.net

#MAJOR Nassau/Paradise Island resorts are projecting high occupancies for the Thanksgiving weekend, with Atlantis yesterday telling Tribune Business the resort was “sold out”, due in large part to the third Battle 4 Atlantis tournament generating 15,000 room nights.

#George Markantonis, Brookfield Hospitality’s president and managing director, said: “Things are looking fantastic. We have a huge demand for the Battle 4 Atlantis. We’re completely sold out for the final session of the games, which will be on the Saturday night.

#“All of the other games are filling up fast. We have a lot of supporters coming in for all of the teams, particularly since Kansas is now ranked number two in the nation, and some people have noticed that Iowa, which is coming to the tournament, is being ranked as number 26, just outside of the top 25, which has been a lovely extra bonus.”

#Mr Markantonis added: “It’s going to be a very busy week around here. We’re sold out over four nights, and we have got 4,000 rooms just in our campus. It’s more in the region of 15,000 room nights that are generated for us.

#“We were at capacity the previous two years as well. The beauty of it is that it is televised across North America, which provides a lot of publicity for Atlantis and the Bahamas.”

#Jermaine Wright, director of operations for the British Colonial Hilton, said: “We are projected to experience high occupancy levels during the Thanksgiving weekend. The hotel’s high occupancy is a combination of moderate group business, along with leisure guests enjoying the Thanksgiving holidays.”

#Patrick Drake, general manager at Sandals Royal Bahamian, said: “We’re not doing too bad. We’re not over the top, to be honest with you.

#“We believe we will see a pick up towards the end of December. Right now is not a busy time for us. We’re definitely off from last year; we’re definitely behind our booking pace.”

R.E. Properties Ltd

Starwood Hotels and Resorts will pull its Sheraton brand from the Cable Beach hotel property, with Meliá taking over operations on the first of next month, turning it into an all-inclusive resort.

Ending months of speculation about the future of the Starwood brand at the Nassau Beach Resort, Baha Mar has announced that spanish hotel chain Meliá Hotels International will take over the operation of the hotel, with its rebranding to be followed by an extensive refurbishment.

Starwood Hotels and Resorts will pull its Sheraton brand from the Cable Beach hotel property, with Meliá taking over operations on the first of next month, turning it into an all-inclusive resort.

The agreement formalizing the brand takeover was signed yesterday by Sarkis Izmirlian, chairman of Baha Mar Ltd. and Meliá Hotels International Chairman Gabriel Escarrer.

In a release issued by Baha Mar, the company said the “renewal” of the 694-room Meliá Nassau Beach Resort will be completed by December 2014, without any interruption to the guest experience.

“The thorough refurbishment plan is focused on upgrading and adapting the hotel to Meliá’s demanding brand standards.  Upon completion of renovations and simultaneously with the opening of Baha Mar, it will be renamed Meliá at Baha Mar.

“Highlights of the refurbishment will be new restaurant concepts, updated pools and an enhanced lobby area, all designed with the guests’ utmost comfort and customer experience in mind, a Meliá signature,” said Baha Mar.

As earlier reported by Guardian Business, it is understood that Starwood may have been unhappy with the deterioration in the condition of the Nassau Beach Resort, with conditions no longer considered to be up to standards compatible with the hotel’s brand globally.

While this was never confirmed, sources suggested that the company may have wanted Baha Mar to invest more in the property than it had been willing to.

Sandals Resorts Chairman Gordon ‘Butch’ Stewart added fuel to the speculation of Starwood’s pending exit last month when he revealed that his company had considered turning the property into an addition to his company’s resort chain, which already operates the Sandals Royal Bahamian resort on the Cable Beach strip.

It is not clear based on yesterday’s statement who will be responsible for paying for the upgrades that will take place now that Meliá has committed to bringing the hotel under its brand umbrella, and Robert Sands, senior vice president of administration and external affairs for Baha Mar, declined to comment on their value yesterday.

The Meliá Nassau Beach Resort will be the first hotel in the English-speaking Caribbean for the rapidly expanding Spanish global group, which operates over 350 hotels in 40 countries at present.

“Meliá brings a wonderful, upscale name with global recognition and exceptional values to our brand portfolio at Baha Mar,” said Sarkis Izmirlian, Baha Mar’s chairman and chief executive officer.

“The company’s expertise in the European, Latin American and Russian markets will further support Baha Mar in attracting a worldwide clientele.  In addition, Baha Mar will be proud to offer Meliá’s all-inclusive resort experience, which is a leader in one of the fastest growing segments in vacation travel.”

Gabriel Escarrer, chairman of Meliá Hotels International, noted that “the addition of the new Meliá Nassau Beach and the prospect of the future Meliá at Baha Mar being part, within a year, of one of the most ambitious hotel and leisure projects in recent decades, is a new source of pride for our brand.”

Meanwhile, Obie Wilchcombe, minister of tourism, welcome the company to The Bahamas, stating that it will “help to attract international visitors who prefer the convenience of an all-inclusive resort.”

“Meliá Hotels International’s global reputation for quality and guest service will be a tremendous asset as The Bahamas seeks to increase international airlift.”

Article Credit: Nassau Guardian

R.E. Properties Ltd

A Bahamas-based businessman yesterday said he was aiming to organize a private sector-led Trade Mission to Dubai by January 2014, in a bid to exploit both the Government’s recent visit and capital markets/construction opportunities.

By NEIL HARTNELL

#Tribune Business Editor

#nhartnell@tribunemedia.net

#A Bahamas-based businessman yesterday said he was aiming to organise a private sector-led Trade Mission to Dubai by January 2014, in a bid to exploit both the Government’s recent visit and capital markets/construction opportunities.

#Tony Joudi, head of FTC Construction, who accompanied government ministers on their recent visit to the Middle East nation, told Tribune Business the Bahamas had to move quickly to capitalise on the goodwill and contacts created by the Christie administration.

#Disclosing that he was in the process of alerting the Bahamas Chamber of Commerce and Employers Confederation (BCCEC) and Bahamas International Securities Exchange (BISX) to the potential opportunities, Mr Joudi said he would use “the next few weeks” to organise a private sector visit to Dubai.

#“The next step for us is to take a business delegation back there to meet with these people that I’ve met with already, and start the process,” he told Tribune Business.

#“I will be targeting the third or fourth week of January to go back there with a mission organised by businesspeople and entrepreneurs.

#“I am hoping to meet with the Chamber of Commerce, as well as the Contractors Association and the chief executive of BISX in order to let them know how important it is for us not to be isolated, to open up and be welcoming.”

#Mr Joudi, who has family members living in Dubai, as they come from the Middle East, said he was able to meet with senior executives at Dubai Financial Market, the stock exchange, including Maryam Mohd Fekri, its chief operations officer, during the Government’s visit.

#Other meetings included encounters with the Dubai Chamber of Commerce, and Abdullah Aziz, the number two executive on the Middle east nation’s Metro Rail Authority.

#Mr Joudi told Tribune Business that there was an opportunity for Bahamas-domiciled investment funds, particularly those listed on BISX, to have dual or cross listings on the Dubai stock exchange.

#This, he explained, would give Bahamian investment funds access to a much deeper pool of investment capital. By selling shares in Dubai, these funds would “create access to cash” that could be shifted to the Bahamas for investment in financial real estate or even agriculture projects.

#Backing the “boldness and courage” of the Government in seeking out new markets and investment capital sources, Mr Joudi said this was essential if the economy was to grow.

#“We have been stagnant since the recession hit in 2008,” he added, “and we have a new government with new vision and commitments to the public to create jobs.

#“By sitting here and waiting for things to happen, that will not cut it any more. If we are not seen, if we are not visible, we will be forgotten, and we should not be scared of bringing people here.”

#With Dubai gearing up for further massive multi-billion dollar construction projects, Mr Joudi said the executives he met with had encouraged Bahamian contractors to bid on this via joint ventures with local entrepreneurs.

#And he called on the Bahamas to capitalise on the $409.5 million in Lynden Pindling International Airport (LPIA) by encouraging Etihad Airways and Emirates Airlines to fly to Nassau, and establish a Western Hemisphere “hub” at LPIA.

#“If we can convince Dubai, Etihad and Emirates, to use Nassau as a hub, then do we know the amount of people who will come through here?” Mr Joudi asked.

#With Dubai a leading candidate to host the 2020 World Expo, he added that an LPIA hub could be used to route Western Hemisphere traffic to and from Dubai.

#Noting that this would tie-in to efforts by the Nassau Airport Development Company (NAD) and the hotel industry to boost annual airlift by 400,000 seats in readiness for Baha Mar’s opening, Mr Joudi said Dubai could also provide a gateway to attracting Middle Eastern visitors to the Bahamas.

#Apart from the increased fees generated by aircraft and passenger traffic, which would cover LPIA’s expansion costs, Mr Joudi said: “A lot of Saudis, Arabs are going to Dubai.

#“They need change; they can’t go there year after year. If we can offer them direct flights, these guys have got money to spend and will stay here for two-three weeks. That will fill up the hotel alone.”

#Current turmoil and political unrest throughout the Middle East meant that many wealthy Arabs had shifted their finances to Dubai, creating an “overflow of capital”.

#The Bahamas, Mr Joudi said, was a prime investment destination for this surplus capital, but much depended on how this nation pursued the opportunity.

#“It depends on us,” he told Tribune Business. “It depends on how we pursue it, how we promote it, how serious we are.

#“We could benefit from that overflow, and that overflow is in the billions of dollars if we apply ourselves properly and correctly.”

#Mr Joudi added: “We have to offer something. If it is not something that is safe, lucrative and convincing, they will not come.

#“It’s all about marketing. Sun, sand and sea, that’s no more. Everybody has it. Now we have to market ourselves, our products and services. If we don’t do that, the train will pass us like crazy and we will be left behind.

#“The days are gone when we could sit at a desk, and people would come and say: ‘It’s a million dollar project, go do it for me’.”

#Mr Joudi also urged the Bahamas to learn from Dubai’s “spirit of excellence and competitiveness”, and the Middle East nation’s desire to accomplish things and intolerance of mediocrity.

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A leading British airline is eyeing the possibility of offering a direct service into The Bahamas

A leading British airline is eyeing the possibility of offering a direct service into The Bahamas as it looks to expand its footprint in The Caribbean.

Currently, Virgin Atlantic services destinations like Barbados, Antigua, St. Lucia, Montego Bay, Jamaica and Havana, Cuba, but not The Bahamas. But the airline’s sales manager for the Caribbean, Reina Hinds, said The Bahamas is one of those destinations that continues to be on their “radar”, especially with the multi-billion dollar Baha Mar project set to come on stream in December 2014.

“While there are no immediate plans to begin direct service into Nassau, I would not be surprised if this is something that will happen in the future. Every year, we look at expanding our routes,” Hinds told Guardian Business yesterday.

“There is still plenty opportunities for Bahamians to fly on Virgin Atlantic via Miami, which is such a short hop way. And we have been seeing quite an uptick in people choosing this option and are very happy about it.”

Officials from Virgin Atlantic were in Nassau this week promoting its 2013 campaign “Flying in the face of ordinary”, otherwise known as FITFOO. Recognizing that the British-based airline doesn’t have a physical presence in The Bahamas, Hinds said part of the reason for coming was to remind Bahamians that they are a “great” flying option. It’s all a part of raising the airline’s awareness and profile among the local traveling public.

“We have extremely competitive fares when you combine Virgin Atlantic out of Miami with Bahamasair out of Nassau,” she confirmed to Guardian Business.

“As a destination, The Bahamas is on the radar and we are always looking for new places to come. You certainly have a lot of rooms to fill so it would be a good opportunity.”

Last month, tourism officials attended the World Routes event in Las Vegas and held positive meetings with more than 20 carriers, who indicated they would be interested in helping The Bahamas to meet its airlift needs.

Vernice Walkine, president and chief executive office of the Nassau Airport Development Company (NAD), recently noted that when Baha Mar comes on stream, room inventory in The Bahamas will increase by 25 percent in comparison to the 16 percent inventory expansion on a smaller base that occurred when Atlantis opened.

She said that the “next step” will be for NAD to enter into direct negotiations with airlines to determine their specific requirements for adding or expanding service to The Bahamas.

Article Credit: Nassau Guardian

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Atlantis expects to this year exceed the almost-$38 million in promotional value that its 2012 Thanksgiving college basketball tournament

By NEIL HARTNELL

#Tribune Business Editor

#nhartnell@tribunemedia.net

#Atlantis expects to this year exceed the almost-$38 million in promotional value that its 2012 Thanksgiving college basketball tournament generated, with all Paradise Island resorts set to be “sold out” for the event.

#George Markantonis, Atlantis’s top executive, told Tribune Business that ticket sales for ‘Battle 4 Atlantis’ 2013 had already exceeded last year’s levels, with just one team - the University of Kansas - expected to bring 1,500 fans and alumni alone.

#Mr Markantonis, Brookfield Hospitality’s president and managing director, said: “We’re presently expecting to sell out all of the hotels on Paradise Island over the Thanksgiving weekend.

#“We still have a lot of demand, and compression is taking place. We don’t have a lot of rooms available across the resort.”

#The ‘Battle 4 Atlantis’, featuring eight top National Collegiate Athletic Association (NCAA) teams, will take place from November 28-30 over the Thanksgiving weekend, featuring 12 games.

#Asked about the projected financial benefits, Mr Markantonis told Tribune Business: “In 2012, that tournament generated advertising value of $9.2 million and publicity value of $27.6 million. We expect it to be at least the same this year.

#“A lot of this comes from the live TV coverage of all the games across North America, and also print media across the US, including all major news outlets.

#“Once again, it’s going to be a spectacular Thanksgiving. We have already sold more game tickets for the tournament than we did for the entire year last year. We continue to sell as more bookings come in, and more locals buy.”

#To exploit the tournament, which is billed as the top Division One NCAA pre-season event, Mr Markantonis said Atlantis had “fined tuned our marketing efforts”.

#Both it and the Nassau/Paradise Island Promotions Board will be advertising during broadcasts of the tournament, ensuring the wider Bahamian destination derives maximum exposure.

#When it came to the direct financial benefits accruing to Atlantis from hosting the tournament, Mr Markantonis said: “I haven’t put pen to paper on it.

#“I go from the fact that we used to run in the mid 50s to low 60 per cent occupancies in the week leading up to Thanksgiving before the ‘Battle 4 Atlantis’, and now what we’re seeing is considerably different. It’s just the perfect event for our country.”

#With many teams and their fans arriving on the Wednesday before the tournament, the Atlantis chief said: “I can tell you that Kansas University has informed us they will have over 1,500 alumni and fans coming with them to the Bahamas, and that’s still climbing.”

#Kansas University has been placed at No.5 in the NCAA pre-season rankings, and Mr Markantonis said Atlantis and the tournament sponsors were continuing to book teams through the tournament’s first 10 years.

#He added that some 19 National Basketball Association (NBA) team scouts were already confirmed attendees for the tournament.

#Agreeing that the ‘Battle 4 Atlantis’ “really does tie in” with the Ministry of Tourism’s and private sector’s focus on sports tourism, Mr Markantonis said: “It has a significant by-product benefit for us, because we are so closely affiliated with the NCAA as a resort that we are attracting a considerable amount of NCAA business throughout the year that’s not connected with Battle 4 Atlantis.”

#As an example, Mr Markantonis pointed to the number of US college teams who visited the Bahamas for games against local teams at the Kendal G. Isaacs gym, yet stayed at Atlantis.

#“I’d like to think part of our success in attracting the Football Bowl to the Bahamas, which the Ministry of Tourism secured over the last few weeks, was also because of NCAA familiarity with our destination resort,” he added.

#“I think it [Battle 4 Atlantis], at the end of the day, generates a lot of real and visible value, and a lot of value that is not as evident but just as important.”

R.E. Properties Bahamas

Albany development intends to have a $140 million expansion that will generate up to 1,400 jobs for Bahamians

Albany will soon sign a supplemental heads of agreement (HOA) with the government for what it intends to be a $140 million expansion that will generate up to 1,400 jobs for Bahamians, according to a company executive.

The resort’s Senior Vice President Dr. Tyrone McKenzie revealed to Guardian Business that at the peak of construction, between 900 and 1,000 jobs will be created by the expansion. This figure, he said, is in addition to the more than 600 employees currently involved in construction in the southwest New Providence property.

As previously exclusively revealed by Guardian Business, Albany’s multimillion-dollar expansion will focus on new growth areas that will appeal to its high-end clientele by establishing the Albany Medical Center, the Sports Education Center and the Albany Financial Center.

“Upon completion of the various components, the possibilities exist for 100-plus jobs in each one of those entities. So we’re talking about anywhere between 350 and 400 jobs in terms of operations,” said McKenzie.

“That’s in addition to the 600-plus we have now in construction and the 380-plus we have in our current operations.”

Despite a sluggish global economy, McKenzie said Albany has been able “to hold its own” and the project has been steadily building out throughout the downturn.

To date, the $1.3 billion project’s overall scope has included between 450 and 600 residential and resort units, an 18-hole championship golf course and clubhouse, a world-class marina for mega yachts up to 240 feet, shops and cafes, a spa, a fitness center, equestrian center, tennis course, an expansive water recreational facility, a beachside social area and a dining club. The latest phase of construction began last September, which is the development of its marina residences.

“We are looking to be cutting edge in the product that we offer our guests. And that’s why we have chosen to focus on these key areas of growth. When you look at high net-worth individuals, which is our target market, they are looking to invest in a place where there is an ease of doing business, credible financial institutions, access to state-of-the-art medical facilities and the best education possible for their children,” according to the Albany executive.

At the end of the day, McKenzie believes the country is waiting with “bated breath” for some real economic stimulus, which Albany’s expansion will assist with.

“We have been able to hold our own and have been able to attract the high-end market with persons that have disposable incomes. That matches what we are looking for.”

Last month, Prime Minister Perry Christie confirmed to Guardian Business that in principle, the government has approved Albany’s expansion but was looking to “clean up certain aspects” of the project before a final approval is given. But once that is complete, he said the government intends to move forward with Albany “very quickly”.

If Albany’s developers are given the “green light” soon for this proposed expansion, 260,000 square feet will be added to the Marina at Albany in the first quarter of 2014 as part of its phase 2 expansion. The hospital would start in the second half of 2014 and the Sports Center and related events would be in 2015.

Article credit: Nassau Guardian

R.E. Properties Bahamas

Property for sale by R.E. Properties Ltd in Ocean Club Estates Nassau Bahamas

About This Property

Invest in the life-style that you and your family deserve. This colonial 10,000 Sqft,custom designed home is casual elegance at it's best and has everything you expect in a home and more. Located in prestigious Ocean Club Estates on 160 feet of sparkling beach front with great elevations. Features: Beach front location Full automatic standby generator Rainwater 45,000 gallon tank Bermuda roof House has 7-zone central air conditioning 3-car garage with laundry large ocean view verandah 12-foot ceilings, surround sound system and intercom gated entrance First floor with imported Italian stone Second floor with cherry wood flooring Gourmet kitchen with custom features, center island and granite counter-tops Downstairs ceilings are trayed with tongue and groove Walk-in closets All bedrooms have French doors to verandah His/Her vanities in master bathroom Professionally landscaped, spacious garden with lighting Beautiful 22 x44 infinity swimming pool and outdoor living areas.

Deal Price: $17,000,000.

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