Douglas L. Ludwig Appointed CFO Baha Mar Development

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. October 14, 2008

NASSAU, The Bahamas, October 24, 2006. Douglas L. Ludwig has been named Chief Financial Officer of Baha Mar Development Company Ltd., as announced today by Don Robinson, President, Baha Mar Resorts Ltd.

Baha Mar Development Company is a subsidiary of Baha Mar Resorts Ltd. and is responsible for the oversight and execution of all development-related aspects of the Baha Mar resort project, including MHA Studio, dedicated to the architectural design and execution of Baha Mar. Baha Mar Resorts Ltd. owns and operates Cable Beach Resorts & Crystal Palace Casino, while serving as the management arm for resort and real estate operations for Baha Mar.

"Douglas Ludwig is an internationally-recognized leader in the resort and development industry, whose proven experience will compliment our team of leaders," said Robinson. "We've brought him on board to join our elite team of individuals that is working on moving the company forward, and we are fortunate to have Douglas join us as Baha Mar continues its transformation into the world's most unique resort complex."

Prior to joining Baha Mar Development, Douglas Ludwig spent the last 21 years working for Four Seasons Hotels Inc., where he held numerous financial and planning positions, including the position of chief financial officer for the past ten years. As CFO, Ludwig led all financial aspects of the company, including strategic planning, treasury, technology, tax, investor relations, financial reporting and statutory compliance.

During his tenure at the Four Seasons, Ludwig also led numerous financings, including the initial public offerings on both the Toronto and New York stock exchanges; led the strategic initiative of transforming Four Seasons' business model; established strategic objectives for and executed numerous asset dispositions and acquisitions; acted as chief spokesperson for all corporate matters of the Company with the press, international investment community and a diverse international shareholder base; and led, marketed and executed a search for a strategic investor which culminated in His Royal Highness Prince Al Waleed of Saudi Arabia acquiring 25% of Four Seasons properties.

Before joining the Four Seasons, Ludwig worked at KPMG, one of the world's leading accounting, auditing and tax firms. Various promotions throughout his seven-year career span with the company led to his appointment as Senior Audit Manager. He was responsible for a number of the firm's large, international audit clients, including Four Seasons Hotel Inc. for two years.

Ludwig graduated from the Richard Ivey School of Business at the University of Western Ontario, where he earned his bachelors degree after successfully completing the school's Honors Program of Business Administration (HBA). Soon afterwards, he became a member of the Chartered Accountants of Canada. Throughout his professional career, Ludwig has held numerous board positions and is still active in the Board of Governors and Finance Committees of Greenwood College School (Toronto), as well as the Artistic Advisory Committee and Board of the Canadian Children's Opera Chorus and the Canadian Opera Company.