The Baha Mar consortium, which is led by billionaire investor Dikran Izmirlian, reportedly reinstated the sales agreement with hotel mogul Phillip Ruffin for his Wyndham Nassau and Crystal Palace Casino and the Nassau Beach hotel yesterday, setting up the complete acquisition of the properties for May 16.
Sources close to the deal told The Nassau Guardian last night that the new terms of the deal included a $10 million deposit by Baha Mar allowing them to close the purchase for $145 million on the May 16 date. The previous price had been $160 million but included more assets than the new deal.
The rights to the lease of the Crystal Cay, a part of the initial agreementr, were reeportedly the bargaining chip for Ruffin in the new deal and will now reportedly be retained by him with Baha Mar having an option to purchase in two years at market value.
Raymond Kongwa, The Nassau Guardian
