Cost to complete Baha Mar mega-resort has risen to $400 mln
July 27 (Reuters) - The cost of completing the stalled $3.5 billion Baha Mar mega-resort in the Bahamas has risen to $400 million, according to a letter from the project's developer.
Baha Mar Ltd, run by Sarkis Izmirlian, has offered to invest $200 million in the project alongside the resort's main lender, China's Export-Import Bank, according to a letter viewed by Reuters.
"We will lend $200 million alongside (China Ex-Im Bank) on a 50-50 basis into a new senior facility totaling $400 million that will fund the completion, opening and stabilization of Baha Mar," Izmirlian wrote in a July 23 letter to Liu Lange, president of the Chinese bank.
(Reporting By Tim McLaughlin; Editing by Meredith Mazzilli)
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