The first 35 luxury villas and a marina capable of berthing superyachts will be ready for the America’s Cup next year, Morgan’s Point chief Craig Christensen said last night.

Mr Christensen, the chairman and chief executive officer of Morgan’s Point Ltd, was speaking after the upmarket Ritz-Carlton chain yesterday confirmed it will operate a $400 million-plus luxury hotel and residences on the Morgan’s Point site in the west end.

Mr Christensen said: “We are looking at opening in 2018 — but we will have some residences and the marina completed by 2017.”

He added: “This is a huge vote of confidence in Bermuda — Ritz-Carlton did a full due diligence survey.”

Ritz-Carlton will operate under a long-term management agreement with George’s Bay Hotel and George’s Bay Residences, arms of Morgan’s Point Ltd.

Herve Humler, president and chief operating officer of Ritz-Carlton, said: “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.

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

Mr Christensen said: “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.

“This announcement, combined with the confidence of 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.”

When completed, the development will have a 79-suite hotel, with two presidential suites, and a total of 161 residences.

Mr Christensen said: “They will be very high-end branded luxury condos.”

The Ritz-Carlton Reserve brand is at the top end of the Ritz-Carlton Hotel Company’s extensive list of 91 luxury hotels, with the number expected to have increased to 100 by the end of this year.

The Morgan’s Point site, once the site of the US Naval Annex, is a 250-acre peninsula extending into the Great Sound and has more than two-and-a-half miles of coastline.

The Ritz-Carlton Hotel Company said its Reserve brand is “for travellers seeking to discover a singular location and peerless resort that, through its design and services, has a distinctive personality that blends together the culture, history and heritage of its setting”.

It added: “The Reserve brand extension will be distinguished from other award-winning resorts by offering guests exotic, hand-selected ‘hideaway’ destinations globally, a relaxed, casually elegant atmosphere and an even greater level of individualised service through a higher staff to guest ratio.”

The Ritz-Carlton Reserve chain includes Phulay Bay in Thailand, Dorado Beach in Puerto Rico and the Mandapa in Bali.

A further Reserve hotel, Puerto Los Cabos in Mexico, is expected to open in two years’ time.

The Royal Gazette reported in 2015 that Ritz-Carlton appeared to have been selected to operate the new hotel after Bob Richards, the Minister of Finance, told the House of Assembly that Morgan’s Point Ltd had confirmed Ritz-Carlton’s involvement.