The Bermuda Government and the Bermuda Tourism Authority have completed negotiations for the highly anticipated St George’s resort development.

Minister of tourism development Shawn Crockwell declared in a press conference today that he was “thrilled” with the partnership.

Mr Crockwell signed papers with the developers, Desarrollos Hotelco Group, in the Senate before other members of the One Bermuda Alliance and the press.

“All of the I’s have been dotted and all of the T’s have been crossed,” Mr Crockwell said.

“It is full speed ahead from here and I am sure the residents of St George’s and indeed everyone in Bermuda is just as excited as the OBA Government to see this project reach this critical milestone.”

Mr Crockwell said he was pleased to announce that they had finalised the master development agreement, calling it a “very significant day for Bermuda and in particular for St George’s, our World Heritage Site”.

“The Desarrollos Hotelco Group has a proven ability to deliver world class resorts. We are very confident that they will continue that reputation as they construct and operate a world class luxury resort development on the 124-acre St George’s tourism development site.

“As previously stated, this development has the potential to spur other developments and provide exponential employment opportunities for Bermudians. It is crucial to Bermuda and it will have a positive impact on tourism and therefore our entire Island.

“As a tourism destination Bermuda is up against the world. There are things we must continue to do to compete and to create an environment that encourages and incentivises developers to invest in Bermuda.

This resort facility will be managed by the St Regis, Starwood Hotels & Resorts brand. Mr Crockwell said this is “a brand that is synonymous with elegance, sophisticated comfort and premiere destinations”.

The minister added: “This resort development will attract potential visitors who like exceptional experiences and who like to stay at resorts whose names they recognise and trust.”

Michael Dunkley called it “a great Tuesday in Bermuda”.

“Certainly this past weekend has been a great weekend for Bermuda with the holding of the Louis Vuitton World Series.

“We had a tremendous buzz throughout the weekend. And that buzz now is carried over to this Tuesday with this historic announcement over the property in St George’s.

“We realised that we had tremendous challenges to face. We knew that we had some real issues with government finances and with our economy and it was our number one effort to turn those around.

“This government is doing all we can to create opportunity, to create jobs, to create a better future for all of Bermudians tomorrow.”

Mr Dunkley thanked MP Kenneth Bascome for keeping him “in touch” with the East End.

“Bermuda needs to appreciate just what an exciting time this is. That property has been vacant for decades and now there’s a new beginning. There’s a fresh start. There’s a better tomorrow.”

Also present were four representatives from the group. Roberto Stipa, one of the principals said: “We feel that this is the island we need to be on right now.

“You guys have an amazing island and this project is going to take this island to the next level. We’re really excited to start this as soon as possible.”

Chief advisor to the group Mito Martis said: “We don’t have to sugarcoat what this hotel is all about. Our track record speaks for itself. Whatever we touch and say we’re going to develop. we will do it.

“There is no project that we’ve started and didn’t finish.”

Minister of Public Works Craig Cannonier said: “I share my colleague’s excitement in the signing of the master development agreement and the ground leases for the St George’s tourism development site.

“This is a crucial development for Bermuda. This is a project that will enhance our product, create jobs, and have an overall positive impact for the entire island and our visitors.”

Mr Bascome said he had faith in Mr Crockwell “from day one”, adding: “As they say St George’s is the jewel in the crown. We’ll help you to create that jewel.”

The Premier said they would be moving forward “as soon as possible”.

“As we work through he planning stages you’ll probably see some clearing through the end of this year and you’ll probably see some developments starting early next year,” he said.