Related partners Jorge Perez and Stephen Ross have prior investment experience in the Bahamas. They were former stakeholders with Sol Kerzner, owner of Atlantis, Paradise Island and One & Only Resorts.
"While real estate values across the Americas have contracted sharply with the global credit crisis, the fact remains that large, undeveloped peninsulas of high-quality beachfront are a very limited natural resource," Perez stated in a release. "Our stake in this amazing property is a testimony to our long-term outlook on land values in the Caribbean."
TRG-Meritage Bahamas is jointly owned by Related and Grand Rapids, MI-based Meritage Hospitality Group. Both companies are facing financial challenges in the US, with Related reportedly dealing with nearly $2 billion in outstanding mortgages on South Florida residential condominium projects.
Additional terms of Related's Bahamas purchase were not disclosed. Perez has declined numerous interview requests by GlobeSt.com.
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