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With a $59 million funding package from Lehman Brothers, Driftwood Ventures Inc. is buying the Bahamia Resort and Casino in Freeport from Lonmin PLC. Driftwood plans $40 million of renovations at the former Princess Resort and Casino.

The property features a 395-room tower, a 565-room country club, a 20,000-sf casino, 98 timeshares and two 18-hole golf courses.The tower will be renamed the Crowne Plaza Resort. The country club will become a Holiday Inn Sunspree, reportedly the first dual-branded hotel-resort project in the Bahamas.

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