Motion tabled to advance Par-La-Ville hotel development

With a focus on creating jobs and taking steps to revitalise Bermuda's tourism industry, Government today tabled a motion in the House of Assembly to authorise the giving of a guarantee of up to a maximum of $18M by the Corporation of Hamilton, for the purpose of developing a hotel on the site of the Par-la-Ville car park.

The motion is in accordance with section 37(1) of the Municipalities Act 1923,

The public will be aware that the current hotel project has been under consideration for many years, with the most recent development agreement being signed in April 2012.

Today, the Minister of Home Affairs, Sen. Michael Fahy, who also has responsibility for Municipalities, said, “Not only is the addition of new hotel beds consistent with the Government’s tourism development strategy to revitalise our tourism product, but this project will add a boost to the economy by creating much needed jobs.

"Today's motion demonstrates the Government’s support for the project in aiding the developer to raise the necessary financing to bring this project to fruition.”

Minister Fahy continued, “It is intended that the guarantee is subject to very specific criteria and the Corporation of Hamilton will be required to conduct thorough due diligence, to the satisfaction of the Bermuda Government, before execution of what is essentially a collateralized mortgage.”

The obvious benefit of this project, pointed out the Minister, is the enhancement of the Island’s tourism and business offerings through development of a new and modern luxury world-class hotel.