Cotton Bay Holdings Ltd. (CBHL) reaffirmed its commitment to build a Ritz-Carlton Reserve-branded property in South Eleuthera in a statement on Saturday, adding that the development is on schedule.
CHBL said it anticipates opening the resort in four years.
CHBL said it is currently working with Marriott International to flesh out the plans for the property, after signing a heads of agreement with the government for the development more than a year ago.
“In December 2021, CBHL signed a heads of agreement with the government of The Bahamas and Marriott International, Inc. signaling its intention to actively move forward with the development,” the statement said.
“While the project had been approved in principle since March 2021, since signing in December, we have been diligently working through the processes required with our partners to advance this joint venture.”
According to the statement, the development will consist of 90 rooms that will be part of the old Cotton Bay Club community. The development will also feature an 18-hole golf course.
The statement explained that the complexity of the project calls for it to be developed in phases.
“Given the scope and complexity of this multimillion-dollar project, it requires a phased approach, beginning with planning, design, and pre-construction activities,” the statement said.
“We wish to confirm that the development is on schedule and that Marriott executives have visited the island and are actively engaged in our processes.
“Following the first stage, we will move into the construction stage, which we anticipate will stimulate 300 jobs and is expected to last at least 24 months. The final stage of the project will involve interior installations, recruitment and training.
“Ultimately, it is projected that the resort will open in four years and once operational, will employ over 200 Bahamians.”
CBHL said it has been working “tirelessly” with Marriott representatives and world-class designers and service providers “to meet all of the requirements that are essential to guarantee the success of a project of this nature”.
The company added that Bahamian consultants are also involved in planning the development.
“Cotton Bay Holdings Ltd. affirms that we are fully committed to bringing this project to fruition,” said CBHL.
“We are grateful to have been a part of the landscape of the island of Eleuthera for over twenty-five years and it is our firm belief that this project will revitalize the island’s tourism product and hospitality experience and transform its future economy.”