The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemnedia.net

The former Nassau Palm Resort is now “open for business” following a $25 million investment in renovations, which has led to the creation of 100 jobs.

Sunset Resort Bahamas said the West Bay Street property now has its hotel licence, and is set to be branded by a US-based hotel chain within 90 days.

“The property had been on the market for a number of years. It was not kept well and it was in poor condition,” a company representative told Tribune Business.

“Ownership saw an opportunity to come in and acquire this hotel and renovate it, and bring it to where it is today. It underwent a renovation for the past two-and-a-half years. Sunset Equities has invested over $25 million in the renovations to the property. We have obtained the hotel license, and the hotel is open for business now.”

They added: “In 90 days it will be branded with a US flag, a well-established US hotel company. It is currently being opened as the Sunset Resort Bahamas, an independent hotel.

“That is being done for a number of reasons. One of the reasons is to obviously open the hotel and employ local Bahamians. We feel strongly that this property would cater to business and leisure travellers.”

Aimbridge Hospitality has been appointed as the management company for the resort. It was initially suggested that the property would be flagged as a Marriott Courtyard.

The former Nassau Palm Resort was acquired by Sunset Equities, a consortium of Caribbean and international investors, in 2013. The Nassau-based Sterling Financial Group (SFGI), headed by David Kosoy, provided the acquisition financing through one of its managed mortgage funds, the New Providence Income Fund.

Sunset Resort Bahamas’ first tower encompasses 201 rooms and suites,  guest elevators, two outdoor pools, the Sunset Bistro restaurant and lounge, on-site parking, and a fitness centre.

Additional amenities include a business centre, pizzeria, convenient beach access, complimentary  guest parking, in-room wi-fi access and complimentary continental breakfast.

Anthony Smith, its director of sales and marketing, said: “We are ever grateful for the support of the Government of the Bahamas and its agencies, and local businesses, in moving this hotel opening to the finish line, and are excited about announcing the Phase II expansion, which will begin in January 2016.