The former Pink Beach Club on South Shore Road has been sold to Sardis Developments Ltd, it was confirmed today.

Wakefield Quin Ltd, acting on behalf of the company, said Sardis “intends to redevelop the site in conjunction with the project’s financiers, The Bank of N.T. Butterfield & Son Ltd, by constructing a new boutique hotel on the property.”

Back in December, Tourism Minister Shawn Crockwell said the Bank was in the “advanced stages” of negotiation. The beach-front cottage colony had been placed in receivership in 2010.

Last July, Government passed $5.6 million in tax concessions to support the sale of the property to PBC Holding Ltd for $12.5 million.

The company had said it planned to convert the Smith’s property into a five-star resort with more than 200 employees by the end of 2015.

A statement released today read: “The owners of Sardis, would like to thank both the Bank and the receivers of the property for their professionalism and unwavering assistance in bringing the project to fruition.

“They would also like to give credit to the Bermuda Government, in particular the members of Economic Development Committee and the staff at the Registrar of Companies for their efficiency and support of the project under pressing time constraints; service which has served to underline their faith in the Island’s potential.”

Michael Collins, Butterfield’s Senior Executive Vice-President said: “In Sardis, we are pleased to

have found a buyer for Pink Beach who is committed to redeveloping the property into a world class

boutique hotel, which will attract new interest among vacationers and help reinvigorate the

Island’s tourism product.

“We look forward to continuing to work with Sardis to support the redevelopment of the property

in our capacity as lender.

“Today’s announcement underscores Butterfield’s commitment to financing viable tourism development projects in Bermuda that will have a positive impact on employment within our community. We anticipate that demolition and construction work at the Pink Beach property will generate a large number of construction jobs in the near term, as well as permanent tourism positions at the hotel when it reopens.”