Minister: ‘Investment In Bermuda’s Hotel Product’
The St Regis in St George’s has set the opening date for the first phase of their development for April 2021, the Bermudiana Beach Resort first phase will open in spring 2020, and the new owners of the Fairmont Southampton are “committed to a significant investment in the long-term success of the resort.”
This was from Minister of Tourism and Transport Zane DeSilva as he provided an overview of “investment in Bermuda’s hotel product” in the House of Assembly on Friday.
The Minister said, “Investment in Bermuda’s hotel product is essential to achieving this Government’s ambition to grow our tourism sector and increase the number of jobs in tourism. Today, I am pleased to be able to inform you of important progress that has been made in this regard.
“The St Regis Bermuda in St George’s has set the opening date for the first phase of their development for the 2nd April 2021. This includes both the 122-room resort hotel as well as the re-opening of the affiliated Robert Trent Jones designed golf course.
“The St Regis will join other new hotel developments in Bermuda which include the Azura at the site of the old Surfside, which is opening now, and the Bermudiana Beach Resort, a Hilton Tapestry flagged hotel, the first phase of which will open in spring 2020.
“I think that we can all agree that investment in our existing hotels, to upgrade our local hotel product, is important,” he added. “I am delighted to report that an affiliate of Miami-based Gencom, a leading domestic and international investment and development firm, has completed the acquisition of the Fairmont Southampton.
“This acquisition marks Gencom’s second investment in Bermuda. In 2017, another Gencom-led affiliate acquired the 200-acre Tucker’s Point development that includes the Rosewood Bermuda.
“The new ownership of the Fairmont Southampton is committed to a significant investment in the long-term success of the resort and has committed returning Bermuda’s largest hotel to its desired status.
“Gencom has committed to a major and extensive renovation of the hotel and currently have a team of dedicated professionals reviewing all aspects of the property with the anticipation of revealing their detailed designs for the future of the resort in 2020.
“The major renovation of this large property will undoubtedly be costly and involve a host of people from a multitude of trades. There is little doubt that this will result in hundreds of jobs for Bermudians engaged in the construction and allied sectors.
“Additionally, it is expected that following the completion of the renovations to this iconic property, there will be additional tourism jobs for Bermudians to fill in the upgraded hotel.”
The Minister’s full statement follows below:
Mr. Speaker, as members of this House are aware, investment in Bermuda’s hotel product is essential to achieving this Government’s ambition to grow our tourism sector and increase the number of jobs in tourism. Today, I am pleased to be able to inform you of important progress that has been made in this regard.
Mr. Speaker, Today, I am pleased to confirm that the St Regis Bermuda in St George’s has set the opening date for the first phase of their development for the 2nd April 2021. This includes both the 122-room resort hotel as well as the re-opening of the affiliated Robert Trent Jones designed golf course.
Mr. Speaker, I would like to take this opportunity to commend and thank Hotelco, the developers of this $120 million project – and Miguel and Laura Purroy in particular – for their commitment to Bermuda.
Mr. Speaker, the St Regis will join other new hotel developments in Bermuda which include the Azura at the site of the old Surfside, which is opening now, and the Bermudiana Beach Resort, a Hilton Tapestry flagged hotel, the first phase of which will open in spring 2020.
Fantastic indeed Mr. Speaker, however I am now able to provide this Honorable House and the people of Bermuda with an announcement which provides additional evidence of the success of this Government in attracting additional investment to Bermuda and this involves Bermuda’s largest hotel.
Mr. Speaker, I think that we can all agree that investment in our existing hotels, to upgrade our local hotel product, is important. Situated on our stunning south shore, the Fairmont Southampton sits on nearly 100 manicured acres. As the largest hotel in Bermuda, this nearly 600 room resort offers wonderful amenities. Many will know that this property has been for sale by the Fairmont Group since November of 2018.
Mr. Speaker, today I am delighted to report that an affiliate of Miami-based Gencom, a leading domestic and international investment and development firm, has completed the acquisition of the Fairmont Southampton.
Mr. Speaker, this acquisition marks Gencom’s second investment in Bermuda. In 2017, another Gencom-led affiliate acquired the 200-acre Tucker’s Point development that includes the Rosewood Bermuda. Following the acquisition, the affiliate embarked on a
$25 million renovation plan for the property.Mr. Speaker, the new ownership of the Fairmont Southampton is committed to a significant investment in the long-term success of the resort and has committed returning Bermuda’s largest hotel to its desired status.
Gencom has committed to a major and extensive renovation of the hotel and currently have a team of dedicated professionals reviewing all aspects of the property with the anticipation of revealing their detailed designs for the future of the resort in 2020.
Mr. Speaker, the major renovation of this large property will undoubtedly be costly and involve a host of people from a multitude of trades. There is little doubt that this will result in hundreds of jobs for Bermudians engaged in the construction and allied sectors. Additionally, it is expected that following the completion of the renovations to this iconic property, there will be additional tourism jobs for Bermudians to fill in the upgraded hotel.
Mr. Speaker, I cannot overstate the importance of a large project like this to the ongoing employment and welfare of Bermudians employed in the construction sector who, without large projects such as this, might otherwise be facing some challenging times.
Mr. Speaker, it is incumbent on us as the Government to do everything possible to ensure continuity of work for our people and as other construction projects near completion, the Fairmont Southampton renovation project will provide a seamless transition for many of our skilled and capable workforce.
Mr. Speaker, in reporting this fantastic news I have glossed over the background to what is actually involved in bringing a complex ‘deal’ like this to fruition.
Please be assured Mr. Speaker, that by any measure this was a very complex and demanding deal which required hundreds of hours of due diligence and many hours of ‘burning the midnight oil’ by myself, cabinet colleagues, and public officers.
Mr. Speaker, in particular I would like to mention the commitment and hard work of the Minister of Finance, the Hon. Curtis Dickinson, and the Minister of National Security, the Hon. Wayne Caines, who were instrumental in ensuring that this deal happened. I must also recognize the leadership of our Honourable Premier, who ensured that all organs of the Government worked with the new purchasers to enable us to make this important announcement today.
Mr. Speaker, Honorable Members, I would also like to take this opportunity to extend my personal thanks to the public officers who assisted in bringing this deal to fruition.
Too often, the hard work and achievements of people in Government are overlooked or given little credence. On this occasion Mr. Speaker, this is certainly not the case!
Mr. Speaker, the Fairmont Southampton deal provides yet another indication of this Governments commitment to growing the tourism sector and in a broader sense, is yet another indication of the positive impact that this PLP Government is having on the future of Bermuda; a future that is both fully inclusive and rewarding for a broader cross-section of our community.
Mr. Speaker, the Government applauds this deal as testament to Gencom’s strong commitment to Bermuda and their confidence in our island and our tourism product; and Mr. Speaker, I would also reiterate this statement for the investors in the St. Regis Project who have also demonstrated their commitment to Bermuda and their confidence in our tourism product.
Mr. Speaker, the Government fully supports, and fully understands, what it means for these major hotel developments and renovation projects to be advanced.
We welcome the fact that it not only sends a strong message to the world about Bermuda’s positive tourism investment value, but also, is a tangible demonstration of the success of this Government in attracting investment to Bermuda which will grow our economy and create jobs for our people.
Thank you, Mr. Speaker.
Well done hank, I mean oba. Now the buses???
What about the eyesore that is Elbow Beach?
Our prime beachfront property continues to be a state of disrepair and poorly operated with zero investment
How are the owners allowed to continue to sit on prime property and not invest ?
We need this resort for rooms and meeting space when Fairmont closes for renovations yet there it sits run by a pizza and pasta chain
It won’t be closed for renovation. They’ll work around bits and pieces and keep open throughout. Will the golf course be converted to residences?
PLP didnt really do much here lmao. Gencom just want a piece of the pie…or Fairmont wanted out
If you mean that Fairmont “wanted out” refers to selling it?– yes, the Hotel has been for Sale for many years. It was the last hotel that was currently owned by Fairmont
Fairmont has a long-term management agreement with the new owners. It is not going away and being replace with another brand
Me thinks Fairmont could read the writing on the big Bermuda wall
Fairmont is still here.
How are the sales going down there at the Regis?
Mr. Desilva. During the PLPs 14 years in power many hotels and guest properties closed down. None were slated for new construction or even renovations. Not one in 14 years! During the OBAs FOUR years, many of our properties finally renovated and some of the demo projects finally announced construction. How many since? I believe the number is Zero! Lets see what Fairmont SP do? I know what they say they will do…but something tells me they will wait and see what the next election brings.
Relax! You people are always complaining when things are good or bad!! STFU!
I’m really sick of everything else being invested in besides Bermudian people. Am I the only one seeing the effects gentrification has had on Bermuda? How about we invest in some community programs so our kids have better things to do with their free time instead of getting into trouble, or the arts, or supplies for our school kids, something OTHER THAN hotels and luxury condos and the tech industry
Feel free to invest in Bermuda all you like. Someone has to start the trend.
When the first guest walks in the door I will believe it. Till then it is nothing but what Zane does best. Make noise.
How are improvements in the the little bus service going these days? Anyone in the comphy offices been fired yet? Any moves towards privatising the whole thing & throw the incompetents out?
“Investment in Bermuda’s Hotel Product”
Sounds like a headline from 20 years ago…around and around we go.
Yea like
Invest in both cricket grounds like at least put in seating so we can get a seat at cup match