Plans to build a new five-star hotel in the heart of Hamilton moved one step closer to fruition yesterday.Hamilton Mayor Charles Gosling and Ted Adams III of Unified Resorts signed new agreements and a ground lease for the Par-la-Ville site yesterday after project deadlines in the previous contracts were missed.The new agreements are said to include strict deadlines for a St Regis hotel, the specifics of which were not released.Mr Adams said the project would be good for the Island and his company's partners, Starwood Hotels and Resorts Worldwide.“We know that Bermuda is the right place for St Regis, and we know Hamilton is a shining star for Bermuda,” Mr Adams said. “We know that Bermuda needs a five-star hotel that focuses on the business community, and we have always felt that this is the right initiative for the right brand.”Plans for a hotel at the Par-la-Ville were first announced in 2007 with Ritz Carlton attached. Starwood was named as a new partner in 2009, when it was stated the hotel would open in 2013.The hotel has received in-principle planning approval to build nine storeys on the Church Street side of the site and ten on the Par-la-Ville side.Plans include 140 guest rooms and suites, 80 serviced residences and three levels of underground parking.A price tag for the project has yet to be announced although financing is “virtually in place”, Mr Gosling stated.The City of Hamilton filed a writ against Unified Resorts in February of last year.A City development committee then claimed the developers failed to meet obligations, and specifically failed to provide a completed construction contract by July 1, 2010.“The writ filed last year was an attempt to expedite matters and with the lease today, the writ will be null and void and be pulled and disappear into history,” Mr Gosling said yesterday.The new agreement contains “specific and strict” timelines that hold both the City and the developer accountable, he added.According to Mr Gosling, there is still a lot of work that has to be done before ground can be broken on the project.A “significant” parking lot and a Belco transformer must be moved before work can begin.He said: “We are delighted to see this project move forward at the end of our term of office.“The signing of this agreement and ground lease shows the project has a true potential of being successfully developed.“This is something my administration has worked hard on to ensure that it was put in place.“The City is happy to see this endeavour move ahead, and I thank the Minister of Tourism, Wayne Furbert, and his team for their help in bringing this project forward.”Mr Furbert declared yesterday's signing one of the proudest moments of his life.“I can anticipate that there will be naysayers that appear, that [will say] the Government, on the eve of the election, say they're doing this thing,” Mr Furbert said.“I came on board in November and my task was to turn tourism around. We are now going to be holding both parties accountable.“There are some timelines that the developer has to meet, and if they are not met, certain actions, steps are taken.“I expect naysayers. I can foresee the blogs tomorrow, but I am confident and comfortable that the whole idea of this project, knowing that we know a little more about the financing than most people, that this is one you can take to the bank.“The Government is very happy, the people of Bermuda should be very happy that these two parties have come together for the betterment of all.”He thanked Starwood and the City for overcoming their differences for the good of the project, and the Island.“It shows that if we put our differences aside, that there is so much we can do. If we can get around a table and talk, this Country can move ahead so far.“I really feel like crying because there has been blood, sweat and, trust me, tears to make this thing work.”