While Mick Jagger has been known to spend New Year 's Eve partying at Basil 's Bar near his home in Mustique in the Grenadines , this year the best place to spot rock 'n ' roll revelers could be the new Compass Point hotel in Nassau , the Bahamas -LRB- 800-688-7678 ; www.islandoutpost.com -RRB- , owned by Chris Blackwell , founder of Island Records .