Fairmont Hotel Completion Target Of 2024
“Confidence remains high that construction will begin in the 2nd quarter of this year” and “2024 completion remains the target,’ Premier David Burt said in relation to the Fairmont Southampton hotel.
The hotel closed back in 2020, with hundreds of jobs made redundant, with the owners saying it will “undergo a complete upgrade and renovation to elevate and reposition the resort property.” The now projected 2024 completion is a change from the past, as in 2022 the developers said that the “target is to commence the re-development this summer with a plan for a grand re-opening in 2023.”
The project and agreement have been the subject of some discussion, however the one thing everyone seems to agree on is that the hotel is very important for the island’s tourism product and economy overall, and the owners previously said that “upon reopening, the hotel will create over 800 direct employment opportunities and many more jobs for local restaurants, taxicabs, and other related businesses.”
File photo of the Fairmont Southampton hotel
In delivering the 2023 Budget, the Premier — who is also the Minister of Finance — said, “The redevelopment of the Fairmont Southampton hotel is eagerly awaited. In the months since this Honourable House considered the legislation to support the project, lawyers, development consultants, bankers and technical officers have been heavily engaged in the preparation of the various agreements that will provide the framework for financing and development.
“Honourable Members will no doubt be aware that the process for the consideration of a revised Special Development Order has begun, with the first public consultation meeting with the neighbouring residents set for early next week.
“Further, Mr Speaker, Honourable Members will be invited to consider amendments to the Public Treasury [Administration and Payments] Act 1969 to strengthen the protections for the Government of Bermuda in the provision of the $75m guarantee of local lending to support the redevelopment project.
“The unique arrangement for the repayment of that loan requires our legislation to be modified to facilitate the structure of the loan agreement. The proposed changes will add necessary certainty and security as the Government is determined to apply best practice and fulfill all necessary due diligence as it is the people of Bermuda who are supporting this critical redevelopment project.
Update | An aerial 360° look at some of the property, click on it to look around
“Confidence remains high that construction will begin in the 2nd quarter of this year, and in preparation for this commencement, the developers have been repricing construction costs. The volatility in capital markets delayed the confirmation of financing, but it is a testament to the developers and their investors’ confidence in Bermuda, that the capital for the project’s completion has been secured.
“2024 completion remains the target, and I can assure the people of Bermuda that all parties have demonstrably committed to advancing this project. Its economic importance has been magnified in recent years, as we struggle to maintain key airlift and grow Bermuda’s market share in the meeting and large group business.”
In a previous statement about the planned renovations the owners said, “The renovations will turn the iconic property into a world-class, luxury destination resort. The hotel will continue to feature 593 guestrooms, all of which will be completely refurbished and modernized with the latest technology. The existing restaurants and bars will be updated and there will be additional venues, for example, a new upscale Beach Club grill concept that will cater lunch and dinner.”
Rendering of the planned new hotel after renovations have been completed:
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“The redevelopment of the Fairmont Southampton hotel is eagerly awaited.”
Yes, it is. But after several years of being closed my confidence is not high that anything will happen soon.
I just hope that Southampton Princess does not become another Club Med.
Or another Grand Hyatt. “Ground will be broken for the Grand Hyatt in November 2011”, promised Brown and Cox. Anyone with any sense knew it was a lie right from the start.
October 2022 – “It’s a done deal”. Some of y’all got duped at that leadership contest. Can’t say you didn’t. The worst of politics on full display.
Lol
Ugh, so they are asking for a revised SDO. Gencom will say they can’t renovate the hotel without the money from building and selling condo’s all over the SP property. It’s the same song and dance that they did at Tuckers Point, it’s a concrete jungle. Dept of planning please do not allow this. SP should be a tourism based project ONLY, not a real estate project. Its a disgrace that you allow condos being built all over Bermuda and Government brokering deals allowing for duty free building supplies for these condos and duty free furniture for the condos that foreigners buy yet the Bermudians have to pay regular duty on everything. Keep SP a tourism only renovation, stop building condo’s and make it fair for Bermudians with duty on renovations.
“Dept of planning please do not allow this.”
Unfortunately, the Department of Planning cannot refuse to follow in SDO.
Wait till you see the condo development plans. Special development order is going to be in effect with these new 8 story buildings. Also now you know why building costs have gone up and duty relief on aggregate was in the budget. Make them finish the renovations of the hotel before any new development occurs cause we all know what happened to all the other hotel/condo arrangements.
Ugh, so they are asking for a revised SDO. Gencom will say they can’t renovate the hotel without making money from building and selling condo’s all over the SP property. It’s the same song and dance that they did at Tuckers Point, it’s a concrete jungle. Dept of planning please do not allow this. SP should be a tourism based project ONLY, not a real estate project. Its a disgrace that you allow condos being built all over Bermuda and Government brokering deals allowing for duty free building supplies for these condos and duty free furniture for the condos that foreigners buy yet Bermudians have to pay regular duty on everything. Keep SP a tourism only renovation.
The PLP is selling off Bermuda land to foreigners at an incredible rate and no one seems to care. Burch was the one who put in place the licence scheme for Bermudians married to non Bermudians to preserve Bermuda’s limited land, yet it is now the PLP selling it off as fast as possible. Wake up Bermuda or it certainly will be 2 Bermudas. One of slums and poverty and the other gated communities for PLP elite and non Bermudians.
Why was there such an outcry several years ago for a commission to investigate the “stolen lane of Tuckers Town/ Mid Ocean” and silence as it is sold off?
Gencom has Burt over a barrel. When they say jump he has no option now but to jump higher. Any connection to BNTB ‘s recent action to show a PLP Premier the door (according to Burgess) for no compliance with their KYC rules (according to BNTB)?
Wow, Bermuda has been sold.
The hotel will be completed in 2024, Burt will call another election and resign. Curtis will become the next leader of the PLPBiu while the UBPoba frontline Jarion who will do absolutely nothing for his circus accept receive another flogging at the polls.