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Starwood, Harrah's Plan Caribbean's Largest Resort

NASSAU-The two publicly held companies plan to spend $1.6 billion here to one-up Kerzner International's 2,300-room Atlantis on Paradise Island with Baha Mar, a 3,550-room hotel and casino resort development on New Providence Island.

By Brian K. Miller | Updated on November 07, 2005

NASSAU-Harrah’s Entertainment Inc. and Starwood Hotels & Resorts Worldwide Inc. are negotiating a joint venture to develop Baha Mar, the largest resort in the Caribbean. The estimated $1.6-billion initial project on New Providence Island calls for 3,550 hotel rooms and a massive casino. The current leader is Kerzner International’s 2,300-room Atlantis on Paradise Island.

Harrah’s, which acquired Caesar’s Entertainment in June, will build a 95,000-sf Caesars casino on the site. Starwood will run six hotels under its Sheraton, Westin, W and St. Regis brand names, including the existing Wyndham Nassau Resort on the property. Development is set to get under way in 2007 and open in 2010.

Privately held Baha Mar Development Co. is the lead investor with a 56.66% equity stake. Harrah’s will put up 33.33% and Starwood the remaining 10%.

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