Fairmont Hamilton sold to Bermudians

FRIDAY, SEP. 28: The Fairmont Hamilton Princess has been sold to Bermudians Peter Green and his sons, Alexander and Andrew Green.

They purchased the hotel for an undisclosed price from Global Hospitality Investments (GHI), which has owned the hotel since September 2007.

The property will continue to be managed by Fairmont Hotels & Resorts and there will be no changes to staff or operations as a result of the sale.

The Fairmont Southampton is not part of the deal.

In February, the Bermuda Sun reported GHI had put the Fairmont Hamilton on the market to attract extra investment.

At that time, Jennifer Chase, COO of GHI, told the Sun they had attracted 15 different parties to take an equity stake in the hotel “But if someone came in and made an attractive offer for the hotel and wanted to do the project we would obviously consider that.

“That would be great for Bermuda. We are conscious that other hotel developments have not moved forward on the island and we did not want to wait three to five years before we could go ahead with this exciting expansion.”

The Green family said they will invest a minimum of $50 million to enhance the property.

The family will continue the development plans started by GHI, which include building a marina, upgrading rooms, redeveloping the hotel’s public spaces including the pools, gardens and restaurant to increase the property’s leisure credentials, while maintaining its existing appeal to business travellers.

The project, which has received in-principle approval earlier this year, involves the construction of 60 to 70 marina slips behind the hotel as well as a 39,000 square foot expansion of the Poinciana Wing for extra guest rooms.

The Green family also owns Overbay and the Waterloo House development of luxury commercial and residential accommodations on Pitt’s Bay Road, which passed the halfway point to completion this summer.

Over 90 per cent of the commercial space within the property has been rented out, some of it to companies that are new to Bermuda, and the residential penthouse apartments will be released onto the market this Fall.

The family has a history of owning iconic hotels. From 2004-11, they had a 25 per cent stake in the Maybourne Group, which owns The Berkeley, Claridge’s and The Connaught.

Alexander Green credited Government in enabling to complete the deal so quickly.

He said: “Taking ownership of such a prominent and historic landmark in Bermuda is a dream come true for our family and we are excited about expanding its contribution to the local economy.

“We are developing a long-term investment plan for The Fairmont Hamilton Princess informed by our extensive knowledge of the island based on our family being based here for 65 years.”

Andrew Green added: “While the hotel has traditionally attracted business visitors, we believe that there is great potential to increase the leisure side of the business through enhancements to the hotel’s leisure facilities.

“The hotel has a superb team of management and staff in place, some of whom have devoted as many as 40 years of their lives to its success. We look forward to continuing the good work that GHI has done with plans to upgrade the hotel on an on going basis. This further investment in Bermuda continues to show our dedication to the Island and our unshakable faith in its long term prospects.”

Laurent Poole, CEO of GHI, said: “The Green Family is a natural owner for The Fairmont Hamilton Princess and the ideal fiduciary to bring its full potential to fruition.

“We have had a great experience owning The Fairmont Hamilton Princess and will continue future investment activities in Bermuda.”

Wayne Furbert Minister of Business Development & Tourism, said: “It is exciting to have The Fairmont Hamilton Princess return to Bermudian ownership and we believe that the Green family’s investment in one of the island’s foremost landmarks is a mark of confidence in Bermuda and the future of the island’s tourism industry.”

Len Czarnecki, general manager of The Fairmont Hamilton Princess, says: “We are looking forward to working with the Green family in building upon the existing success of The Fairmont Hamilton Princess."

• No jobs will be lost
• Hotel will still be called Fairmont Hamilton Princess
• Sold to Peter Green and his sons Alexander and Andrew
• Greens promise a minimum of $50m investment into the hotel
• The Greens also own Waterloo House
• Hotel had been on the market since February