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Wednesday, February 18, 2026
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Gov’t forces Bazaar sale even with most owners agreeing deal By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government has moved to compulsorily purchase Freeport’s International Bazaar property despite the majority of its 13 owners having already agreed to the sales price and terms sought by the Davis administration. Tribune Business can reveal that the property’s owners were blindsided by yesterday’s publication of a full-page advertisement detailing the Government’s plans to use its powers under the Acquisition of Land Act to compel the Bazaar’s sale because the 11.541-acre site “is needed for a public purpose” - the construction of the much-touted African-Caribbean Marketplace. The Davis administration has acted despite “98 percent” of the Bazaar’s owners, who include the likes of the Bahamas Hotel, Catering and Allied Workers Union, John Bull and the
Investors joining Bahamian law firm as $2m dispute defendants BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN law firm has persuaded the Supreme Court to add two foreign investors as co-defendants in its ongoing $2m dispute with one of the principals behind the proposed Long Island cruise port. Justice Cheryl Bazard, in a February 13, 2026, verdict agreed with arguments by King & Company that Steven Harrington, a member of the ownership group for Exuma’s Peace & Plenty resort, as well as Eric Kim, who was involved in a recent move to take over management at the February Point development on the same island, be added as defendants alongside the law firm to the claim launched by Sherif Assal. The latter, who is one of the principals leading the Calypso Cove cruise port project on Long Island, is demanding that King & Co refund $2m that he sent for a separate Exuma-based investment deal which never materialised. This was for a “proposed development” on Elizabeth Island that was being spearheaded by Messrs Harrington and Kim, who were two of the Bahamian law firm’s clients. Mr Assal only initiated legal action against King & Co, and the law firm and its attorney, Raynard Rigby KC, successfully invoked the Supreme Court’s civil procedure rules to argue that Mr Harrington and Mr Kim should be joined in the action as named defendants because they played the key role in the transaction and know “the central facts concerning the use of the funds”. King & Co’s position is that it only acted as an escrow agent and facilitator taking instructions from its two foregn investor clients. “The substantive action arises from a dispute concerning the claimant/ respondent's [Mr Assal] transfer of $2m to the defendant/applicant [King & Co] in June 2021,” Justice Bazard recalled.
BATTLE - See Page B2
Using compulsory powers to acquire 11.5-acre site Seemingly lost patience with the minority hold-outs House to debate guarantee for Marketplace’s $1.86m
DARRIN WOODS
Chee-A-Tow family, agreeing to what is understood to be a $1.5m purchase price and the accompanying sale terms and conditions. It appears that it could not wait for the few remaining hold-outs to fall into line given the potential hold-up to its Marketplace plans with a general election looming. And the move coincides with the tabling of a Parliamentary resolution, yet to be debated by either house, to approve the Government guaranteeing a $1.86m loan from the Africa Export-Import Bank to finance the Marketplace’s development. The borrower is named as ACMLC Grand Bahama Ltd, a private company incorporated under the Companies Act, which is 100 percent owned by the Government. Darrin Woods, president of the hotel union, which owns 22 percent of the Bazaar, told Tribune Business he was unaware of the Government’s move
INTERNATIONAL BAZAAR to compulsorily acquire the Bazaar property and arcade until informed about it by this newspaper. He, too, suggested it signalled that the Davis administration has run out of patience with the few outstanding dissenters who
ACQUIRE - See Page B7
Realtor eyes 1015% growth after ‘inundated’ 2026 start BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN realtor is forecasting up to a 10-15 percent increase in business for 2026 if the market maintains early-year momentum that has resulted in his firm being “inundated” with calls and inquiries from wealthy international buyers. Ryan Knowles, founder and chief executive of Maison Bahamas, told Tribune Business that the volume of prospective buyer inquiries over the 90-day period that encompasses year-end 2025 and early 2026 is “up substantially” over the same period in 2024-2025. He added that this nation is also attracting a “high calibre” of purchaser, as his firm works with investors who have properties under contract in developments
such as Ocean Club Estates, Palm Cay and Aqualina. “Last year was a good year for real estate,” he told this newspaper. “I think it could have been a great year but some of the policy changes in the US kind of cooled things off a bit. There was a lot of momentum going into 2025 and the early part of the year, and a lot of positive sentiment that people had regarding some of the policies that might have been implemented. “But the [Trump] tariffs happened, and kind of spooked people for a while. The tariffs had a bit of a chilling effect on the market, but we’re certainly passed that. Generally speaking, it turned out to be much ado about nothing and that is now kind of locked in. The stock market was strong in the latter part of 2025.”
BY NEIL HARTNELL Tribune Business Editor nhartnell@ tribunemedia.net
RYAN KNOWLES Turning to the current year, Mr Knowles said: “We’ve been tracking the past 90 to 120 days, and inquiries are up substantially over the same time in 2024-2025. Christmas has gone, and we’re in the sixth to seventh week of the year, and offers and inquiries are off to an unbelievable start. If that’s some indication of what’s to come, we’re on track for a record year in 2026. “It’s the traditional peak season in real estate, which starts around Thanksgiving. As it gets colder up north, prospective buyers and affluent visitors look to come to warm weather destinations
SALE - See Page B4
SpaceX is urged to promote landings for tourism take-off BY ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net SPACEX was yesterday urged to better promote its booster rocket landings so that space tourism in The Bahamas can take off. With Elon Musk’s venture preparing to resume Falcon 9 rocket landings near Exuma today, following approval from the Civil
Aviation Authority of The Bahamas (CAAB), Ray Lightbourn, principal of Exuma Water Sports, said he is willing to conduct boat tours of the landing sites but not enough advertising is put into the event. He added: “The last time they landed so far that it really wasn't worth doing it. It's hard to find where they land. And so if you don't know where they’re landing exactly, then you
SPACEX LANDS BOOSTER OFF COAST OF BAHAMAS
Pintard: Marketplace’s $1.9m loan guarantee simply ‘mind boggling’
can't take anybody. They don't like to advertise it for some reason. “I would do it, but from the first time they weren't telling people exactly where it was, so the only people that saw it were the people that happened to be right in the area. So I can't really take people until they give us exactly where they landed. I don't know why it was the big secret in the first place.” Mr Lightbourn said if SpaceX is only planning to have a few landings per year, it will not help drive The Bahamas’ entry into the space tourism sector. He added that tourists will also need to be advised well in advance when landings are happening. This, he said, would allow tour operators to open up booking availabilities for customers, especially those who secure tours years in advance. “If they just have two or three rockets a year, that’s not going to be much,” Mr Lightbourn said. “And
ROCKET - See Page B5
THE Opposition’s leader yesterday urged the Government to release the “business case” for the proposed MICHAEL PINTARD Afro-Caribbean Marketplace while accusing it of misleading Bahamians about the progress made in acquiring Freeport’s International Bazaar. Michael Pintard, speaking after the Davis administration revealed it plans to use its legal powers to compulsorily acquire the Bazaar site, told Tribune Business he also found it “mind boggling” and “bizarre” that it is seeking Parliament’s approval for the Government to guarantee borrowing “a mere $1.86m” from an African development bank to finance the Marketplace’s development. Confirming that the resolution to guarantee the Africa Export-Import Bank loan is due to be debated in the House of Assembly today, he argued that it was likely a “tidying up” move by the Government to ensure it complies with all necessary legal requirements for funds that have already been used. And Mr Pintard told this newspaper that the compulsory acquisition of the Bazaar property “raises even more questions” as he asserted it shows the Government has not made as much progress in purchasing the property as it had led Bahamians to previously believe. There were suggestions yesterday that the use of the Acquisition of Land Act signals the Government has run out of patience with the minority of Bazaar owners who have yet to accept a sale on its price and terms - the majority of the 13, or “98 percent”, having agreed to
DEVELOP - See Page B4