Warwick International Hotels has confirmed it will purchase the Paradise Island Harbour Resort in Nassau, Bahamas.
The property was put up for auction by Lehman Brothers Holdings and Driftwood Hospitality Management.
Warwick has outlined plans to renovation and re-brand the 246-room, all-inclusive, beachfront property.
According to Jean Francois Garnier, group director of development, the resort will remain open throughout the process.
The property will be second in the Caribbean for Warwick.
It will join the all-suite Balaji Palace Playa Grande in Rio San Juan on the north coast of the Dominican Republic.