Park Hyatt Joins Equity Investment Group for Bermuda Project

To Break Ground In 2011

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. October 28, 2010

October 27, 2010 - The majestic isles of Bermuda will soon welcome the luxury brand group Park Hyatt to its turquoise shores with the commitment to be part of an equity investment group in a new $300 million total project cost resort development.

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 Premier, Dr. The Hon. Ewart F. Brown, JP, MP, who also serves as Minister of Tourism and Transport, the 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,” said Premier Brown. “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 ground-breaking of the new Park Hyatt Resort and Hotel is slated for November 2011. The construction is anticipated to take 24 - 30 months. Carl Bazarian, President of ADDAX Holdings, developer and investor in the project, said the Park Hyatt Group's investment should alleviate doubts about the hotel project moving forward in the current economic climate.

"Park Hyatt Group has agreed to invest because they believe they will see returns,” said Bazarian. “I wish to thank Dr. Brown for his vision and commitment to us for being the catalyst for his 'Platinum era legacy' and restoring Bermuda where it belongs as the ultimate luxury destination in the Atlantic and Caribbean."

Park Hyatt's Director of Development and Corporate Communications, Laurie Cole, followed Mr. Bazarian's sentiment's saying, "If there is a situation where we think it will be helpful to put our capital in, we will."

The new Park Hyatt Bermuda will include a 100-room hotel as well as 71 hotel condominiums, 39 villa residences and 12 single family homes. Also on the 125-acre site will be an 18-hole Nick Faldo-designed golf course, an 18,000 square-foot spa and fitness center and two tennis courts. Guest will be able to dine at two full-service restaurants, two cafes and a Beach Club. Additionally, the project will provide housing for 160 employees and include an on-site wastewater treatment plant and reverse osmosis water purification facility.

Bermuda, just under two hours from East Coast gateway cities, stretches for 21 miles along turquoise waters and is surrounded by a 200-square-mile coral reef plateau. Bermuda's diverse activities offer an array of vacation options all year round, including more wreck dives than anywhere else in the world, championship golf, horseback riding, world-renowned deep sea fishing and smooth pink beaches to rest on by day's end. From simple and inexpensive to elegant and special dining, Bermuda has more than 150 restaurants to fit any traveler's budget.