Running Mon Marina in the Bahamas has been acquired by Xquisite Yachts
by Xquisite Yachts 18 Oct 2022 12:03 PDT
Xquisite Catamaran Center © Xquisite Yachts
On September 1, 2022, Xquisite Yachts completed its purchase of the Running Mon Marina and Resort in Freeport, Bahamas.
Over the next few years, the existing hotel and marina will be upgraded and renovated to the Xquisite Catamaran Center, a hub for Xquisite owners, and the Xquisite Yachts Service Center, headed by Global Service Manager Stephen Joyce.
Mr. Tamas Hamor, CEO of Xquisite Yachts, said Grand Bahama was the right place for this new venture.
""Over the years of sailing around the world to more than 90 countries, my wife Sara and I spent many months in The Bahamas, and year after year, we came back, and seven years ago, we got married in Eleuthera. Strategically, Running Mon's proximity to Florida is the perfect location to establish our service center, where Xquisite owners can bring in their vessels for servicing, repairs, upgrades, and maintenance and have a hub where they can get together and enjoy the destination", he said.
Running Mon Resort and Marina was built in 1988. Unfortunately, over the past six years, the facility has experienced a number of challenges as a result of the hurricanes that came through and now the global pandemic; Mr. Derek Newbold, Chief Investment Officer at The Grand Bahama Port Authority, said,
"Today represents a transformational day for Running Mon Marina and Resort. With the acquisition of this property by Xquisite Yachts and the planned upgrades, they will help to re-establish Running Mon as one of the premier marinas in the northern Bahamas. Further, with its proximity to various yards, such as Knowles Marine and Bradford Marine, the goal is to make this the one-stop place for all of Xquisite's clients' needs and allow them to experience The Bahamas. In addition to hotel and service, Xquisite Yachts will work with local businesses to provide excursions, such as fishing and diving, and some water sports activities. Over the next few months, we will announce more activities we plan to include at the Xquisite Catamaran Center."
Mr. Newbold believes the new service center will attract high-net-worth individuals to Grand Bahama, creating significant spin-off opportunities for the island and the city of Freeport, especially in the real estate sector.
"In addition to the construction jobs created during the renovation and rebuilding phase, the new service center will serve as a hub for the North American region, servicing existing clients and training new owners on the use and operation of specialized high-end luxury sailing vessels. Each client and visitor to these facilities is a potential investor or second homeowner for Grand Bahama," he said.
According to Mr. David Townsend, CFO of Xquisite Yachts, "We anticipate investing around $5M on the project. Once completed, there will be 30 to 40 full-time employment opportunities here.' To date, Xquisite Yachts have retained the services of Lawrence Chisolm & Associates, Ltd., Running Mon's original architect, and Yellow Fin General Contractors Ltd. as the General Contractor for Phase I renovations of the property. The full renovation is estimated to take two to three years to complete, but our goal is to make the marina available to receive our owners by November 1, 2022, with the hotel reopening next year. As you know, just like with our build schedule, we will keep everyone updated on the progress of renovations at Running Mon." Townsend explained.
"We believe Running Mon property is the location we need for this boating center where our owners can come in and know we have a crew to take care of the boats. It is perfect, a match made in heaven." Mr. Hamor concluded.
Xquisite Yachts would like to personally thank the Minister for Grand Bahama, the Honorable Ginger Moxey and her entire office, the Grand Bahama Port Authority, especially Ian Rolle, Derek Newbold, Nakira Wilchcombe, Nicole Colebrooke, and their respective teams, Yolande Julien of Glinton, Sweeting, and O'Brien, Mark Gardiner of Starr General Insurance, as well as the numerous contractors and inspectors that helped make this purchase possible, such as the Royal Bahamas Police Force Fire Services, Morgan's Pumping, Ltd., Robinson Pool Maintenance, and the wonderful people of Freeport.