Hong Kong-based global conglomerate Chow Tai Fook Enterprises Limited (CTFE) – parent company of Rosewood Hotel Group – has bought the troubled US$3.5bn Bahamian mega-resort Baha Mar, with plans to open it in phases, starting in April 2017.

The Baha Mar project was originally slated to be finished in 2014, but a series of hitches and legal battles – including a Chapter 11 bankruptcy filing in July 2015 – led to numerous delays.

Located on 1,000 acres along 3,000ft of Cable Beach in Nassau, the Baha Mar was masterplanned by Michael Hong Architects, was originally due to feature 2,200 luxury guest rooms across four hotels.

CTFE is in discussions with several global hospitality brands, including Grand Hyatt, SLS Hotels and Rosewood, to be luxury hotel operators at the mega-resort.

Phase one of Baha Mar’s opening will include the casino hotel, casino, convention centre and golf course.

“CTFE will dedicate significant, ongoing investment and resources towards the pre-opening and opening of Baha Mar Resort,” said Graeme Davis, president of CTFE’s Bahamas subsidiary. “We will also ensure that the Bahamian people and the region benefit fully from the project, which will create tremendous job and economic stimulus opportunities. Further, by combining our global hospitality expertise with the vibrant and authentic Bahamian culture, we will create a memorable, unmatched experience for guests of which all Bahamians can be proud.”

CTFE has plans to invest an additional US$200m (€188.4m, £157.2m) in the project to support pre-opening activities, as well as the redevelopment of the Crystal Palace Casino Hotel site and the development of additional family-friendly amenities, entertainment venues and offshore island facilities.

In addition to Rosewood, which owns or operates 55 hotels in 18 countries, CTFE’s portfolio includes commercial real estate, hospitality, retail and transportation industries.

Among the publicly listed companies controlled by CTFE are New World Development Company, a property developer with a market capitalisation of more than US$10bn (€9.4bn, £7.8bn); NWS Holdings, an infrastructure and transportation company with a market capitalisation of more than US$6bn (€5.6bn, £4.7bn); and Chow Tai Fook Jewellery Group, one of the largest jewellery retailers in the world, with a market capitalisation of more than US$8bn (€7.5bn, £6.3bn).

CTFE is also working on the Queen’s Wharf Brisbane, a US$2.3bn (€2.1bn, £1.8bn) integrated resort development project in Australia, as well as a deluxe casino hotel development in Metro Manila, in the Philippines.