The Tribune

By DENISE MAYCOCK

Tribune Freeport Reporter

dmaycock@tribunemedia.net

The Running Mon Marina and Resort in Grand Bahama has been acquired by Xquisite Yachts, an award-winning yacht manufacturing company that plans to invest in the region of $3m to $5m to undertake major upgrades at the property.

The new investors will also establish an after-sales-service centre at the marina property for their high-net-worth clients.

The project is expected to be completed over the next two to three years. About 30 to 40 new full-time jobs will be created for Bahamians.

The sale announcement was officially made on Friday at Running Mon and was said to represent “a transformational day” for the resort and marina facility, which closed in 2019 due to Hurricane Dorian and then the pandemic.

In attendance were Minister for Grand Bahama Ginger Moxey, who welcomed the investors to the island; Tamas Hamor, CEO of Xquisite Yachts; David Townsend, CFO; Stephen Joyce, Xquisite Global Service Manager, and Eugene Samarin, the company’s attorney.

Xquisite Yachts owns and operates several yacht manufacturing factories around the world, including in Portugal and South Africa.

According to Mr Townsend, they will undertake “a comprehensive repair programme and rejuvenation plan” for the Running Mon facility.

“We anticipate at the end this will be a $3 million to $5 million project for us with the build-out, and it will take us two to three years, but we are hoping to speed that up…” he said.

“But once this project is finished, we anticipate there will be 30 to 40 in full-time employment here, a service centre to repair boats, an upgraded suite hotel, and we will open the marina and the restaurant – which has history in Freeport. And we will be doing some sailing charters here and doing some sail training for customers.”

Mr Townsend said they would like to have local people run the fishing and scuba charters for them. “We want to have an all-inclusive facility to bring high net worth customers and offer them different experiences in the Bahamas, and we want to partner with Bahamian businesses to achieve that,” he explained.

“We actually completed the purchase last night (Thursday), so we are fully committed,” he said.

According to Mr Hamor, Xquisite Yachts started eight years ago. “Our goal was to do it better than other builders to create a brand where we not just hand over the boat to the owners, but we take care of them during the lifetime of the boat,” he said.

“We created an after-sales service unmatched in the industry. We started one model that became an instant success,” he stated. He said their partner Felix Marine in South Africa build quality world-class boats for them.

He said their first model, the X5, won Boat of the Year in America in 2017. And their second model, which just recently launched, the X5 plus 1, won Boat of the Year 2022.

The company is growing and is now working on four new models at the same time with the new factory in Portugal, Mr Hamor reported. Due to company’s growth, he noted they needed to expand their after sales service and infrastructure to grow together with more boats they have on the water.

“This led to us needing to have a base, with the proper service centre where owners can bring in their boats for commissioning the new boats, repair of the new boats, upgrades further maintenance of the boats, and have a hub where owners can get together,” he said.

Mr Hamor said Grand Bahama was the right place for their new venture.

“I like Grand Bahama and the Bahamas in general,” he said. “Over the years of sailing around the world to over 90 countries, we spent so many months in the Bahamas, and year after year we came back. And my wife and I got married in Eleuthera seven years ago. And strategically, the closeness to Florida where 90 percent of our four boats are sold in the US market. And so, this is the perfect spot.”

“We believe Running Mon is not the best tourist location; it does not have direct beach access; it’s overlooking the boat yard. It is not what the average tourist would want. However, this is the location that we need, for this boating centre where they can come in and know we have a crew here to take care of the boats. It was perfect, a match made in heaven.”

Ian Rolle, Grand Bahama Port Authority president, said this investment is one of several major investments in the pipeline for GB.

“This is one of the projects that we spoke about over the last few months which is part of the over $1billion worth of projects in the pipeline for Grand Bahama,” he said. “This is one of major projects to bring about great opportunity for members and citizens in Grand Bahama, and the Bahamas,” he stated.

Derek Newbold, chief investment officer at GBPA, said Running Mon Marina has been a part of Grand Bahama’s landscape for decades. “Unfortunately, over the past six years they have experienced a number of challenges as a result of hurricanes that came through and now the global pandemic,” he said. “However, today represents a transformational day for Running Mon Marina and Resort.

“With the acquisition of this property by Xquisite Yachts Bahamas Limited and the planned upgrades, they will help to re-establish Running Mon as one of the premier marinas in the northern Bahamas.”

Mr Newbold believes the introduction of a service centre for the multi-million yachts that they manufacture will attract high net worth individuals to Grand Bahama.

“We expect that to have spin off impact for the island and the city in terms of employment opportunity, stemming from the construction period, but also by the time the phases are completely built out,” he said.

“But even more importantly is the fact that it will create entrepreneurial opportunities for Bahamians, and also expose Bahamians to new skills and training in the maritime sector,” added Mr Newbold. “It is our hope they will eventually establish a manufacturing footprint in Freeport given the proximity to America, and they will operate from a special economic zone where they have access to certain trade advantage and benefits.”

Minister Moxey believes the investment has “enormous potential.”

“This is indeed a grand day for Grand Bahama island, and we welcome this investment,” she said. “We welcome the faith you put in this resort here. We have been through a lot and the potential is so enormous. In our Blueprint for Change, Grand Bahama is envisioned to become home of maritime logistic, home of events and entertainment, and the home of innovation. What you plan to do here is innovative.

“And to hear that you are going to be reviving the restaurant is great for our island,” she said. “There are lot of projects to come, and I believe people will be excited about what is going to happen.”