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 Saint 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 that provides even more 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 owners AccorInvest 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 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 has 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 was 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 Government’s 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 a 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.