Hotel plans to offer long-term rentals to business workers

Think hotels are only for short-stay visitors? Think again.

The Fairmont Hamilton Princess could start renting out luxury apartments to business workers within just a few years.

Hotel bosses made the announcement yesterday following the passing of the Companies Amendment Act 2010 two weeks ago.

The legislation allows international companies to purchase or lease hospitality units on hotel properties in Bermuda.

The Fairmont group has now begun a six-month study into the feasibility of the scheme.

Laurent Poole, CEO of Bermuda Resorts Ltd, the firm that owns the Fairmont Hamilton Princess, said the changes would allow the hotel to offer more accommodation options to the island.

He added: “We are excited about the opportunity the new legislation offers and we commend Government for introducing it. The Fairmont Hamilton Princess is a natural choice for luxury living in Bermuda and we will be working closely with Government and international companies in the coming months to study the options of introducing a world-class offering.”

Mr. Poole said that because the new law has just been announced they are still “investigating the possibilities”.

He added: “We will reach out to international companies as well as Government to help us understand what the market wants and what the market demands.

“We had discussed in the past the possibility of a marina or adding the residential component, which means we’ve already looked generally at where stuff could go.

“But this new legislation is a good opportunity to roll up our sleeves and really look into it.”

Bermuda Resorts Ltd plans to create focus groups based on key demographics that might be interested in buying the product — although they have yet to identify the exact demographic. Mr. Poole said: “We wouldn’t have made an announcement if we weren’t seriously looking into it but then there are no guarantees it will definitely happen.

“It all depends on the economics of it and the demand for it.

“Government wouldn’t have introduced it if they didn’t believe there was the demand.”

Since Bermuda Resorts Ltd took over the Fairmont Hamilton Princess in 2007, they have invested $24 million in it. Building luxury residential units could further improve the quality of their product as a first-class business hotel.

Mr. Poole said: “The idea is that we will spend the next six months putting together a feasibility study and decide within nine months to a year from now whether it is a go or not, based on the study and the plans we have drawn up.

“If we decide to move on it we would look to finish as rapidly as possible and with minimal disturbance to our guests.”