Hotel firm looks to its own coffers to build St. George’s resort

Posted by on Oct 23, 2010 in Local News & Alerts | 0 comments

PARK Hyatt’s senior vice president for real estate development is explaining why the luxury hotel brand decided to invest its own money into the new St. George’s resort.

Photo: Newsday.com

Patrick McCudden gave the thumbs up as Premier Ewart Brown announced what is apparently the final go-ahead for the resort to be built on the old Club Med site starting next November, Bermuda Broadcasting TV reported.

Developer Carl Bazarian would not say how much money the hotel group is investing, but added that with his own resources and a loan from HSBC, the money for the project has been raised.

The project is said to be in the $300 million range.

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