After many months of anticipation, the much-talked-about $1.2 billion Cable Beach deal came to a screeching halt Thusrday after the company that was supposed to buy the three hotels involved could not produce any money.
The company Baha Mar Development Ltd., headed by Lyford Cay billionaire Dikran Izmirlian, revealed on October 25, 2004, that it had completed a purchase agreement with hotelier Phil Ruffin to acquire his properties in the Cable Beach area to include the Wyndham Nassau Resort and Crystal Palace Casino and the Nassau Beach Hotel.
However, Mr. Ruffin told the nassau Guardian Friday that even though Baha Mar had used up all the days in the 120-day due diligence period, it was still unable to come up with the money to secure a deal. He did not reveal the amount he was asking for his resorts, which had been previously estimated to be worth between 150 to 200 million.
The Nassau Guardian
