Developers have already expressed interest in the redevelopment of the former Club Med site, according to Tourism Authority chairman David Dodwell.

Mr Dodwell said that while the request for proposal (RFP) was only put out on Monday, he is optimistic about the project.

“Obviously the request for proposal has only just gone out and it’s early days, but there has been some interest,” Mr Dodwell said. “The Government was previously approached by two groups, and those two are still interested.”

Mr Dodwell isn’t expecting a quick resolution to the issue however, and doesn’t expect to be in a position to make the result of the RFP public until April.

“It’s difficult to say [when we might have an update],” he said. “It depends on the level of response because obviously the more responses we receive the more we will have to consider, but by the end of April we should have a very good idea of the level of interest, and some sort of idea as to where we would be heading.”

The St George’s site has been vacant since 1988 when the Club Med Hotel closed its doors. The 124-acre property was leased to developer Carl Bazarian in 2008, who had announced plans to erect a Park Hyatt Resort on the site. While the project received planning approval, ground was never broken.

Government terminated Mr Bazarian’s development contract in late 2012 following a series of breaches and the 262-year lease was formally scrapped in the House of Assembly last Fall.

The Ministry of Tourism Development and Transport published a request for proposal in Monday’s edition of The Royal Gazette, calling for interested parties to come forward before the end of March.

Mr Dodwell said he and the Tourism Authority had worked with the Ministry in developing the RFP, saying the document is hoped to not only inform interested parties about what the Government is looking for, but also sell the Island to investors.

“The RFP itself became a marketing document,” he said. “It isn’t just a set of facts, it’s a document that markets Bermuda as a good place to invest, and that’s a first. Usually these are very matter-of-fact. This shows that we are not only open for business, but we want investors here.”

He said the promise of gaming legislation is a factor for investors, but he felt the proactive approach to revitalising the tourism industry embraced by the Government is more significant.

“I think a large part of it is the direction we are taking with tourism,” he said. “The proactive approach from the Government is probably number one for investors.

“It’s the commitment to a red carpet approach, doing everything we can to hold their hands and lead them through the process, the concierge service. It’s also the one-stop-shop concept — the notion that we will be able to take the developer through the entire process with one process, that there won’t be all the steps along the way that we have had in the past.

“There is a buzz about Bermuda. There have been several groups interested in Bermuda in the last few months and there is a feeling of hope and optimism right now.”

And Mr Dodwell said that while finding financing for tourism developments has always been a challenge, that situation appears to be improving recently.

“It’s not easy, but there is some optimism,” he said. “The business is turning around. More businesses are being done in other parts of the world and I think it’s a matter of time before it comes here.”