TUESDAY, MAY 15: An agreement has been signed in relation to the St Regis hotel planned for Par-la-Ville car park.
Tourism Minister Wayne Furbert announced today that the agreement has been signed between the developers and the financial group responsible for the funds.
Mr Furbert said it signalled the successful conclusion of thorough and comprehensive negotiations by the parties involved.
It also brings closer the reality of the construction of the new property, and with it, the creation of some 600 jobs.
He also said while the terms of the agreement have to be confidential, it’s a “giant leap forward”.
“This agreement is another indication of the continuing success of the government and my ministry’s efforts to drive new investment in the hospitality sector.
“As we continue to build our economic recovery, we are doubly pleased that the new hotel will open up the prospect of an estimated 600 new jobs in its construction and subsequent management.”
“We have long felt the new hotel, incorporating so many modern features that are vital to today’s business community, will usher in a new age of investment in Bermuda’s hospitality sector.
“It sends a strong message to the international investment community that Bermuda is serious about reaching out to create global partnerships and that we are, in all areas, absolutely open for business.
“I congratulate all those involved in bringing the St. Regis hotel to Bermuda and I am so very pleased to have been able to extend my support and encouragement throughout the long process of negotiations that have led to this agreement being signed.”
Mr Furbert continued: “Let me be clear, our efforts as a government are firmly linked in our understanding that all in our community must be the benefactors of the revitalization of our economy.
“We will not mark full economic recovery until every Bermudian, from our ambitious and hopeful young people to our seasoned industry professionals have realised full employment opportunities.”