Baha Mar, Harrah's plan Bahamas resort

The resort, called Baha Mar, will be a mixed-use project on a 1,000-acre site in Nassau and will pose a direct challenge to Kerzner International Ltd.'s Atlantis on Paradise Island.

Baha Mar Resorts, a Nassau-based owner and operator of resorts, and a Harrah's subsidiary have formed a joint venture for the project, while Starwood has signed agreements to manage four hotels at the resort.

The project calls for an initial investment of more than US$2 billion, Baha Mar said. Starwood has committed to operate hotels under its W, St. Regis, Westin and Sheraton brands.

The joint venture will be 57 per cent owned by Baha Mar Resorts and 43 per cent by the Harrah's subsidiary.