By Sandy Gardiner
ABACO, The Bahamas – Announced today, The Ritz-Carlton Hotel Company, LLC and Peter de Savary, founder and chairman of The Abaco Club on Winding Bay, A Ritz-Carlton Managed Club, restructured the ownership of the 534-acre property. Mr. de Savary’s investor group sold the remaining interests to an affiliate of The Ritz-Carlton – RC Abaco Holding Company, Ltd. – however, de Savary will remain involved in The Club as chairman.
Since The Ritz-Carlton’s entry into this secluded residential development in mid 2006 as both operator and a financial partner, the property’s growth and service evolution have been carefully planned to raise The Club experience to the next level of island luxury, and yet protect its unique character. With this transition, both signature Ritz-Carlton touches and expanded real estate development will be realized.
“My wish to develop a sporting retreat in the Abacos has been fulfilled with The Abaco Club,” said de Savary. “I am very proud of what we have created here, and particularly of the wonderful team of people who make the commitment every day to provide an exceptional experience for our Members. Now, with the restructuring, The Ritz-Carlton will continue with our plans and deliver a luxury lifestyle as only they can.”
“I will carry on in my role as chairman,” continued de Savary. “Though my team and I are currently developing several other projects in the Caribbean, I remain devoted to the staff and Members of The Club, as well as The Bahamas. The country’s allure kept me here for 31 years, and my passion for Abaco has grown through the development of The Club.”
“The Abaco Club is a stunning property,” said Peter J. Watzka, executive vice president and chief operating officer for The Ritz-Carlton Development Company, LLC (a Ritz-Carlton affiliate). “When Peter first approached us in 2005 to partner with his group, we quickly saw the property’s potential. Peter had a vision that collectively, we have refined over time. We look forward to unveiling the results of this work in the coming months.”