The $1.2 billion Cable Beach redevelopment project was last night in danger of being totally killed off afetr billionaire Philip Ruffin said he expected to, this wek, close the sale of his two hotel properties to another buyer.
Mr. Ruffin, who owns the Wyndham Nassau Resort and Crystal Palace Casino, plus the Nassau Beach Resort, sid the sales contracts for his properties were being “drawn up right now”, with the transaction possibly concluding “today or tomorrow”.
However, he told The Tribune that the buyer was not the Baha Mar investment consortium, headed by Lyford Cay billionaire Dikran Izmirlian, which had been behind the $1.2 billion project that is dependent on acquiring Mr. Ruffin’s hotel properties plus the Hotel Corporation owned Radisson Cable Beach Resort.
Sources close to the negotiations and Baha Mar said yesterday that there was “no way of telling” whether Mr. Ruffin had found an alternative buyer for his Cable Beach properties in the less than three weeks since the investors’ 120-day purchase option expired.
Source: The Tribune
