Cost To Complete Baha Mar Mega-Resort Has Risen To $400 Million

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. Read more.