*File photo
*File photo

The Grand Atlantic will be turned into a 'condo hotel' Government announced this morning.

Government had enterested into a Memorandum of Understanding with the Caribbean based hospitality, tourism and leisure consultancy firm, MacLellan & Associates.

Public Works Minister, Patricia Gordon-Pamplin, said the move would provide jobs and tourism opportunities in Bermuda.

She added: "The proposed redevelopment of the Grand Atlantic site will create a condo hotel which will make use of existing construction and bring a new all-suite tourism product to Bermuda that is very popular in other jurisdictions."

"In the hospitality industry, a condo hotel is defined as a development which is legally a condominium but which is operated as a resort…offering short-term rentals of hotel suites with a Front Desk and resort leisure facilities.

"It is anticipated that the units at Grand Atlantic will be sold as a combination of investment and vacation homes, with condo owners being restricted to 90 days annual occupancy per year.

"When owners are not in residence, they can leverage the marketing and management provided by the hotel operator to rent and manage the condo unit as it would any other hotel room. This will be a welcome addition to Bermuda’s current hotel inventory and a completely unique product for our market."

MacLellan & Associates is a full service, consultancy and appraisals practice, established in 1997, which specializes in the hospitality, tourism and leisure sectors in the Caribbean and Atlantic Islands.

A member of the Caribbean Hotel and Tourism Association (CHTA), MacLellan & Associates is the largest consultancy based in the region, ensuring that the team has an in-depth knowledge of Caribbean countries.

Ms Gordon-Pamplin said: "The MOU has an exclusivity clause through until late summer which will enable MacLellan & Associates and their local industry partner to finance the acquisition and associated development costs of the Project.

"It is anticipated that the site could be prepared for sale of condo hotel units within the year. Currently MacLellan & Associates are working to finalize the financing arrangements for significant design changes, incorporating resort amenities and identifying a hotel operator that is willing to partner with investors in the opportunity presented by this development for a new tourism product in Bermuda.

"I am confident that this project will prove to be financially beneficial to Bermuda as well as one that creates employment and has a positive social impact."