The Morgan’s Point hotel development will carry the Ritz-Carlton Reserve brand in 2018.

The Ritz-Carlton Hotel Company, LLC, announced plans to unveil its first Ritz-Carlton Reserve resort in Bermuda yesterday.

Media reports state that the Southampton resort will operate under a long-term management agreement with George’s Bay Hotel Ltd and George’s Bay Residences Ltd.

“We have watched Bermuda as a destination closely for many years and believe the timing has never been better to introduce what will be a one-of-a-kind, luxury experience to the island,” said Herve Humler, president and chief operating officer of The Ritz-Carlton.

“We are delighted to work with such an esteemed partner as George’s Bay Hotel Ltd and we are confident that this resort will offer the most sophisticated travellers an exciting new destination to experience through the eyes of Ritz-Carlton Reserve.”

The project will represent the third Reserve location to open in the region, following the opening of Dorado Beach, a Ritz-Carlton Reserve in 2012, and the expected opening of Puerto Los Cabos, Ritz-Carlton Reserve in 2018.

“This collaboration resonates with the vision that we have for our development and we are thrilled that this stunning setting lends itself to the Reserve promise of sophistication, seclusion and engaging experiences,” said Craig Christensen, president and chief operating officer of Morgan’s Point Ltd, the holding company of George’s Bay Hotel Ltd and George’s Bay Residences Ltd.

“This announcement, combined with the confidence of The Ritz-Carlton in our beautiful island is meaningful to all Bermudians, as it helps to elevate the allure of the destination and enhance the future of tourism.”

Earlier this week, Morgans Point Ltd revealed that three local firms have stepped forward to provide crucial funding for the hotel development.

The multimillion-dollar financing commitment from Arch Reinsurance Ltd, Axis Specialty Ltd and Validus Holdings Ltd will pave the way for construction of the five-star hotel resort development.

The first round of funding was announced on Tuesday night as it emerged that work on the project had already started.

The development on the former US Naval Operating Base will include a 79-room, high-end branded hotel complete with restaurants, retail shops and spa.

It will also comprise 173 branded private residences and a mega-yacht marina that can accommodate 77 boats and 21 mega-yachts.