THE developer behind the Park Hyatt resort for St. George's has reassured Bermudians that, despite rumours to the contrary, he is close to securing the $300 million needed to finance the proposed development on the old Club Med grounds.

Carl Bazarian, Sr, president of developer Bazarian International, spoke exclusively to the Mid-Ocean News yesterday, explaining that he and his US-based team are "in the process" of signing a deal to finance the development with a reputable bank, adding that he could not disclose the name of the institution yet.

"We have an indicative term sheet from a senior lender," Mr. Bazarian said. "We're in the process. We have a very good lender and we're on our way. We have back-up lenders, but we're very close to signing.

"We have very good relationships in capital markets in the Caribbean," added the developer, who has overseen projects in the Cayman Islands and Florida.

"The debt is in place and we have back-up," he said. "It's for real."

Mr. Bazarian's confirmation comes as local hospitality insiders express concern that the current economic climate and Bermuda's dwindling tourism industry could mean the Park Hyatt project stalls before development even commences.

One hotel industry expert this week told the Mid-Ocean News that the Bermuda Department of Tourism's announcement was insufficient without any discussion of financing.

"Where does it say that the financing is in place?" he asked.

"That is the question that needs to be answered. All the rest is puff."

The Park Hyatt Bermuda is "slated to open in 2012", according to an official press release on the Government web site.

The resort will include a boutique 100-room hotel, 111 "Park Hyatt Residences" or high-end apartments, and some 30 Hyatt timeshare units. The Park Hyatt Bermuda will boast four restaurants, a spa and fitness centre, a private beach club, two pools, tennis courts, and conference rooms. Adjacent will be the overhauled St George's Golf Club, redesigned by British golf pro Nick Faldo.