6 days Ago By Chester Robards Senior Business Reporter [email protected]
Cotton Bay Holdings Limited and Marriott International broke ground yesterday on a 320-acre site that will be transformed into the ninth Ritz-Carlton Reserve to be developed globally. The South Eleuthera development is expected to cost $200 million. President of Marriott International for the Caribbean and Latina America Brian King told the media following the groundbreaking ceremony for the development, that the location chosen for the Ritz-Carlton Reserve at Cotton Bay is one of “the most special places these hotels will ever reside in”.
Cotton Bay Holdings has waited 30 years to bring some type of development to fruition on a property the Sarmiento family, led by Dr. Luis Carlos Sarmiento Sr., has tried to develop on several occasions without success.
The billionaire Colombian family built a home on the property and has called South Eleuthera home since the 1990s. Principal of Cotton Bay Holdings Maria Claudia Sarmiento said during the ceremony that her father and her family have waited a very long time to see a development reach completion on their property. She explained that the project was the first to be approved by the Progressive Liberal Party-led government when it took power in 2021.
The Ritz-Carlton Reserve development, said Sarmiento, will create 450 construction jobs and some 600 permanent positions when the property is fully opened. She added that the developers have committed to building sustainably. “We are so proud to present today a fully eco-friendly development designed to operate responsibly with respect to energy, water and natural resources, and it is thoughtfully designed to honor and protect its surrounding environment,” said Sarmiento.
She added: “We anticipate a transformative ripple effect throughout the local economy. Young people will gain access to training and career paths in hospitality and related sectors, empowering them to build meaningful futures right here on their home island. “Moreover, this project will stimulate the growth of local entrepreneurship, paving the way for small and micro businesses to flourish by providing goods and services that support the resort and its guests, from local artisans and tour operators to farmers and transport providers.
A wide network of Bahamian enterprises will have the opportunity to thrive. “We are genuinely excited about the lasting partnerships and shared progress this project will help foster in the years ahead.” Prime Minister Philip Davis, who brought remarks at the groundbreaking ceremony, said the property will include a 115-room luxury hotel, 40 private villas, a restored golf course, restaurants, a commercial center, employee housing, and infrastructure to support it all.
“A comprehensive development, planned with long-term sustainability in mind,” said Davis. In his remarks, he insisted that Bahamians have to become more than just employees on development projects such as these, but must use these opportunities to build businesses of their own. “I think it’s also important to say that growth cannot come at any cost, it must be responsible, it must be fair, it must include the people who call this island home,” said Davis.
“This government has made it a requirement, across every major investment, that Bahamians must be involved from day one. Not only in labor, but in management. Not only in service, but in ownership.
The days of being observers to our own development are over. “The developers behind this project have worked closely with the Bahamas Investment Authority, with local government, and with community stakeholders to ensure this development works in harmony with its surroundings.” Member of Parliament for Central and South Eleuthera Clay Sweeting said during the groundbreaking ceremony that he believes the development, and the businesses that will spring up around it, will be a catalyst to bring more Eleutherans back home to continue to develop the island.
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