Skirting the bay, which has been transformed into a variation on Rio de Janeiro's Copacabana Beach, are high-rise hotels and apartment buildings.
The bay is devoid of any accommodation; there are no hotels or apartments. 
mnli hypothesis: The bay is devoid of any accommodation; there are no hotels or apartments.  premise: Skirting the bay, which has been transformed into a variation on Rio de Janeiro's Copacabana Beach, are high-rise hotels and apartment buildings.