The property developer in which veteran broadcaster Mike Murphy has a share is gearing up to spend $400 million (€273 million) on a hurricane-damaged resort in the Bahamas.
Harcourt Developments is set to buy the Royal Oasis resort in Freeport, Grand Bahama, which was closed after it was severely damaged by Hurricane Frances in August 2004.
The Irish company is understood to be spending €25 million buying the site, and is planning to invest close to €250 million on restoring it as a key tourist attraction on the island.
Harcourt, whose principals include businessman Pat Doherty and one-time RTÉ star Mike Murphy, told the local media that its total investment in the project is likely to be $400 million.
The company agreed in principle to buy the property in April, but has been working out the terms of the deal since then.
The Royal Oasis has been the subject of a lot of media attention on the island. The government there was forced to pay $8 million in salaries, social insurance and compensation to the resorts workers after the hurricane struck three years ago.
A number of timeshare investors at one stage threatened to sue the resort's now former owners, Freeport Driftwood, in an effort to get some compensation for their loss following the hurricane. Harcourt is not involved in this.
Harcourt said yesterday that it was finalising plans with casino and hotel companies to manage the resort. The facilities would also feature conference centres, golf, a spa and fitness centres.
Harcourt is involved in projects in Ireland, Europe, the US and owns a condominium development at Suffolk Court in Grand Bahama and a luxury hotel in Carlisle Bay, Antigua.
It is one of the three backers of the €39 million Luas extension plan.
