Atlantis yesterday announced that the planned upgrades to its Cove property, as well as the addition of fresh retail, restaurant and amenity offerings, will create 350 full-time jobs when all these projects are completed.

The Paradise Island mega resort, did not place a dollar value on the level of investment it is making, although a Ministry of Tourism, Investments and Aviation release earlier this year said the property was about to embark on $475m worth of capital upgrades.

Atlantis reaffirmed that The Cove will undergo a full renovation, including all 600 guest rooms, beginning in Spring 2026. The Cove pool, public spaces, dining venues and other guest amenities will also be involved, and the property will remain open to guests throughout the project.

The Paradise Island mega resort added that it will build on its “recent transformation of The Royal [Towers] and Atlantis casino” through further refreshing its product with new guest experiences during 2026.

New full-service restaurants, which were not named; a Beach Club; and the return of the Imperial Club at The Royal were among the projects identified. An expanded sports facility and renewal of the Mandara Spa will also be undertaken

Atlantis added that it will expand its retail offerings with a mix of new boutique outlets. It said the Tiffany & Co store is set to debut this month, while Lalique and Creed will open in spring 2026 followed by Dylan’s Candy Bar and Vineyard Vines later in the year. Jacquemus opened last month.

“This investment highlights Atlantis’ deep commitment to our guests, our team and The Bahamas as a premier destination,” said Audrey Oswell, Atlantis president and managing director. “Following the recent successful upgrades to The Royal Towers and the Atlantis casino, these new projects will further enrich the experiences our guests love and introduce exciting new offerings in 2026.”

Tribune Business reported earlier this year that Atlantis plans to invest around $135m over the next three years in a near-total overhaul of its Cove resort despite a modest fall in revenue per available room (RevPAR).

Analysts at DBRS Morningstar, in evaluating the creditworthiness of mortgage-backed securities that underpined the latest refinancing of the Paradise Island mega resort’s debt, disclosed that the hotel and its owner, Brookfield Asset Management, had invested more than half-a-billion dollars in refreshing multiple aspects of its product and guest experience.

The anticipated Cove improvements appear to be one of the biggest capital expenditures that Atlantis will have undertaken over the past ten to 15 years. The outlay comes after “strong performance since COVID-19” with RevPAR, despite a slight year-over-year decline of 2.2 percent for the 12 months to end-May 2025, still some $49 ahead of pre-pandemic levels for the entire resort.

RevPAR is a key indicator of hotel pricing power and visitor demand, as its measures yields from available room inventory. Morningstar attributed the decline from a peak of $274 in 2023, down to the present $260, on “the phasing out of pent-up transient demand” from leisure visitors that built up due to the COVID-related travel restrictions and lockdowns imposed from 2020 to early 2022.

As for Atlantis’ planned capital works, Morningstar said: “Between 2012 and 2024, the sponsor spent approximately $519.3m across the resort to renovate hotel rooms, lobbies, food and beverage offerings, and the casino, among other improvements.

“Between 2025 and 2027, the borrower plans to renovated the guest rooms, pool deck and public areas at the Cove hotel tower with an anticipated capital expenditure spend of $135m. This translates into the equivalent of $225,000 per key.”

Detailing Atlantis’ various amenities, Morningstar said these included the 41-acre Aquaventure water park; recently renovated 60,000 square foot casino; a 63-slip marina; a fitness centre equipped with a four-lane pool, six tennis courts and personal trainers; a movie theatre; 11 swimming pools; over 40 restaurants and bars; and 35,000 square feet of leased retail to over 68 international brands.