By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The Ritz-Carlton hotel chain has told Tribune Business it is “no longer involved” with the long-stalled $1 billion Rose Island resort development, describing the project as not “active”.

Responding to Tribune Business inquiries as to the status of the project, which had been earmarked for the island just off the coast of New Providence and Paradise Island, Verona Carter, a Ritz-Carlton spokeswoman, said the possibility of the brand resuming its involvement if the project revived was “all speculation” at this point.

“It’s no longer active,” Ms Carter said of the Rose Island development. “Ritz-Carlton is no longer involved with that project. It’s no longer active for the Ritz-Carlton portfolio.”

The initial Heads of Agreement for the Rose Island development were signed between Ritz-Carlton and its parent chain, Marriott, and the Government on February 13, 2006.

A supplemental Heads of Agreement was signed in April 2007 to transfer Marriott’s 70 per cent stake in the development to the Miami-based GenCom Group, headed by real estate and resort developer, Karim Alibhai.

The Ritz-Carlton Rose Island was slated to generate between 600-800 full-time jobs when completed, and open in 2009. It was intended to feature 400 dwellings, including a luxury resort, private residences and a sheltered marina, and create 900 construction jobs.

The project, though, hit trouble in September 2008 when its main debt financier, the Lehman Brothers investment bank, collapsed into bankruptcy.

With the so-called ‘credit crunch’ drying up other potential financing lines, GenCom was forced to place the Rose Island development into cold storage, where it has remained ever since.

However, GenCom still has the Rose Island project on its website, indicating it has not completely given up hope of re-starting development once the financing and economic environment is right.

Ms Carter, meanwhile, said Ritz-Carlton was focusing on the opening of its ultra-luxury reserve property, Dorado Beach in Puerto Rico, as its Caribbean priority.

She added, though, that the resort chain remained “always open to partnering on opening new properties once the circumstances are correct at it’s the right fit for our brand”.

Noting that Ritz-Carlton already had a presence in this nation via the Abaco Club at Winding Bay, which was “doing great”, Ms Carter said: “That clearly shows the Bahamas is an important destination for us.

“If it’s the right project and right fit for the brand, we’re always open to speaking to potential developers.”