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Park Hyatt Brand Part of Group That Invests $300 Million in Bermuda Resort ProjectOctober 25, 2010 By: Joe Pike
A group that includes the Park Hyatt brand has invested $300 million into a new resort development in Bermuda.
The Bermuda Department of Tourism has been working to bring the multi-million dollar project to fruition since 2007. Previously, Park Hyatt had agreed to manage the project, which is located on the former Club Med site in the historic town of St. George’s, Bermuda (a UNESCO World Heritage Site).
According to Bermuda’s Minister of Tourism and Transport Ewart F. Brown, the increased investment by Park Hyatt to become an equity stakeholder serves as a vote of confidence in Bermuda’s tourism business.
“As many in the hotel development community can attest, the addition of a management company as an investor is rare,” Brown said in a written statement. “Park Hyatt’s action is evidence that they believe in Bermuda’s commitment to the continued enhancement of our tourism product. This is the greatest vote of confidence in Bermuda and in St. George’s. The Government of Bermuda is extremely proud to work in partnership with one of the worlds most sought after brands.”
The groundbreaking of the new Park Hyatt Resort and Hotel is slated for November. The construction is anticipated to take 24 – 30 months.