NASSAU, BAHAMAS — CCA last night confirmed it has reached a comprehensive settlement with BML Properties Ltd. to end all remaining litigation stemming from the Baha Mar development, noting that it will retain ownership of the British Colonial and Margaritaville Beach Resort hotels.
In a statement, CCA Construction, CCA Bahamas and CSCEC Bahamas said BML will withdraw all claims against them in the United States and The Bahamas with no admission of liability. The company said continued ownership of the two flagship hotels protects jobs, ensures operational stability, and supports long-term investment plans already underway at both properties.
“We are pleased to have successfully resolved this matter and to move forward with clarity and certainty for our employees, customers and partners,” said Yan Wei, Chairman & CEO of CCA. “Bringing this matter to a close is in the best interests of our stakeholders and will allow us to focus fully on our strategy for delivering world-class construction projects and hospitality operations.”
CCA said the settlement follows its appeal of the New York State Supreme Court ruling and its protective Chapter 11 filing in the U.S., both of which will fall away once the U.S. Bankruptcy Court in New Jersey signs off on the agreement—approval it expects in the coming days.
BML Properties, in its own statement earlier Wednesday, said the settlement successfully resolves all litigation involving CCA and its affiliates and brings closure to a decade-long dispute. BML chairman Sarkis Izmirlian said the outcome “meets our expectations” and thanked the Bahamian public for its support throughout the protracted legal battle.
Once finalized, all outstanding U.S. and Bahamian proceedings will be concluded, providing long-awaited closure to one of the region’s most complex commercial disputes.
