Paradise Island Harbour Resort was initially scheduled for auction by CBRE Auction Services last 6th of September 2012. However, the auction was postponed for a week and will take place on 13th of September. According to Bahamas news, the postponement was not indicative of a cancelation of the sale nor is it an indication that the resort owners – Lehman Brothers and Gemwood Paradise Ltd. – have decided to revise their strategy. Rather, the attorney of the owners, Valentine Grimes, states that the interest in the property is actually “significantly high.”
Bahamas news also stated that Paradise Island Harbour Resort had actually been up for sale for some time. It was initially sold to unnamed buyers. Unfortunately, some complications due to financing concerns caused the sale to fall through. While the owners haven’t seemed to have gotten any luck in selling, President of ERA Real Estate, Peter Dupuch, states that the opening bid of $6 Million for the resort seems low. Even the director general of the Ministry of Tourism, David Johnson, believes that though it is a very old hotel, the location of the property is worth all the money. The 246-room resort located on Paradise Island is an ideal investment considering its prime location which is just adjacent to the world-renowned and quite expensive Atlantis Resort. It provides potential buyers a full-service resort that can offer affordable services compared to other high-rated Bahamas resorts and hotels on Paradise Island like the One & Only Ocean Club. Because it has no franchise or management agreements that go with the sale, investors have the opportunity to renovate, remodel, and even rebrand the resort according to what they see fit in order to create profit.
Moreover, Paradise Island Harbour Resort has a pool bar, a well-equipped fitness center, and two restaurants. The resort also offers various amenities and facilities like a hot tub, a free-form pool, a video arcade for kids, and a snorkeling lagoon. This legendary harbor-front resort is a private escape, yet guests can also enjoy other pleasurable activities like shopping, gambling, dining, and visiting Atlantis as well as the other major attractions on Paradise Island.
The Paradise Island Harbour Resort may not be flourishing compared to other Bahamas resorts, but new owners may be able to give it a new lease on life and bring back its glory days.