Run Mon Marina to transform into Xquisite

Award-winning yacht-building company Xquisite Yachts last week officially signed a deal to purchase Freeport’s Running Mon Marina and Resort, and the new owners will soon begin a multi-million dollar transformation.

Xquisite Yachts owns and operates several yacht building plants around the world, including facilities in Portugal and South Africa. CEO Tamas Hamor said the decision to acquire Grand His Bahamas facility was made to meet the company’s growing demand.

Hamor founded Xquisite in 2014 with a vision to build luxury cruising catamarans and later service independently built vessels. This necessitated a base with a suitable service center where owners could bring their boats in for commissioning, repairs and upgrades. There is a maintenance and collection hub.

“This resort and marina will be the home of the company’s North American operations, and clients can come there and know they have a professional crew to look after their boats,” says Hamor.

“Getting Running Mon was perfect. A match made in heaven.

The reopening of the resort and marina, as well as the developer’s plans to transform the property into a luxury entertainment, hotel and catamaran center, are great news for Grand Bahamas, said Island Minister of State Ginger Moxie.

“We welcome the trust placed in this resort,” Moxy said at an official launch event held at the resort on Friday.

“We have been through a lot, but the potential is enormous. The government’s Blueprint for Change sees Grand Bahama as the home of maritime planning, events and entertainment, and innovation.” is assumed. ”

Noting that the project will provide employment and training opportunities for the people of Grand Bahamas, Moxie added:

Xquisite chief financial officer David Townsend said a “comprehensive repair program and revitalization plan” has been developed for the resort.

“At the end of the project, we anticipate an investment of $3 million to $5 million over two to three years,” Townsend said.

“Working with local businesses, we have already invested over $150,000 so far.”

Townsend added that Running Mon’s first architects, Lawrence Chisholm and Associates, have been hired to prepare plans for Phase 1 of the project.

In addition, Yellowfin’s contract will be the general contractor to oversee hotel repairs and renovations.

Phase one will begin with resort repairs and marina upgrades for a partial opening of the facility in November. The marina development will also include an after-sales service center for Xquisite’s high net worth customers.

Townsend was added in the early stages of construction and repair. Employment opportunities exist for the Grand Bahamians, and upon completion, his new Xquisite facility is expected to have 40 full-time jobs available.

Townsend said the company also stands ready to provide training to those interested in maritime operations, including mechanics, pilots (officers and crew), and technical aspects.

“So by 2023, we are looking at fully operational, including spring boat charters, hotel openings, charter readiness, restaurant and bar openings,” he said. “The open service center is scheduled to open by 2025.”

Xquisite’s purchase of the Running Mon property is one of several investments in Grand Bahama’s pipeline, said Ian Rolle, president of the Grand Bahama Port Authority (GBPA).

Earlier this year, GBPA officials listed 20 new projects for Grand Bahama, which had already been approved and, in some cases, started.

“This is one of the projects we talked about, part of a billion-dollar project slated for the island,” says Rolle.

GBPA Chief Investment Officer Derek Newbold said Xquisite’s purchase of the resort and marina will restore the property’s reputation as one of the nation’s leading marinas.

After struggling for the past six years, the resort closed indefinitely in 2019 due to difficulties caused by Hurricane Dorian.The COVID-19 pandemic quickly followed.

“The resort has been a part of the Grand Bahama landscape for decades and has developed a spin-off on the island and city by introducing a multi-million dollar yacht service center to attract elite clientele. I hope to make an impact,” Newbold said.

“But more importantly, it creates entrepreneurial opportunities for Bahamians and exposes them to new skills and training in the maritime sector.

“We hope that Xquisite will eventually establish a manufacturing footprint in Freeport, close to the United States, and operate from a special economic zone where it can access certain trade advantages and benefits,” he added. rice field.