A long-planned new luxury hotel and condo development in Hamilton could get off the ground this year.Ted Adams III, a principal with US-based Unified Resorts, said he has the financing in place for the proposed new St Regis hotel and residences at Par-La-Ville Road car park.“We hope to break ground later this year,” he told The Royal Gazette yesterday.“I cannot provide you with a detailed update except to say that with Starwood’s full support, we are working diligently in bringing the St Regis Bermuda to Hamilton. We hope to break ground later this year.”He added: “I cannot comment on the financial arrangements because of confidentiality agreements. The necessary project financing has been committed.”Back in 2009, Starwood Hotels & Resorts Worldwide had announced plans to open a new St Regis hotel in Bermuda, marking the debut of Starwood and the St Regis brand on the Island.No cost for the resort was given, but estimates have ranged from $50 million up to $200 million for such a project. The terms and length of the developer’s lease on the Corporation of Hamilton property were not known.Asked how given the global economic climate, he was able to secure financing, Mr Adams said: “We have sound fundamentals including: the best location on a progressive island; the Number 1 luxury brand in the world; a vibrant international business community that demands a five star business hotel; an experienced Development Team; a highly educated and skilled local workforce; and, significant support and encouragement from the Bermuda Government.”The St Regis Bermuda and The Residences at The St Regis Bermuda was scheduled to open next year, in 2013.Ultra-high-end St Regis condos in other cities around the world usually sell for millions of dollars, for example, the San Francisco and Atlanta St Regis Residences sell for about $1.5 million and up, while in Singapore they start at several million.If the hotel is built, Starwood has said it would be “the first major luxury hotel to open in downtown Hamilton in more than 50 years”.“The St Regis Bermuda will feature approximately 140 exquisitely appointed guest rooms and suites, approximately 80 exclusive, serviced residences, a Remède Spa, signature restaurant, a wine bar, library, and a rooftop conservatory,” Starwood has said in its original release. “Owned by Par La Ville Hotel and Residences, Ltd, a partnership between Virginia-based Unified Resorts, Ltd and New York-based Sagewood Investments, LLC, The St Regis Bermuda will offer unparalleled luxury, highly personalised service and refined elegance at one of the world’s best addresses.”In her Budget speech last Friday, Premier Paula Cox had said Bermuda had “attracted renewed interest from investors in hotel developments”.She revealed: “Recent negotiations spearheaded by the Minister of Business Development and Tourism with a developer and the Bermuda Industrial Union provides reason for cautious optimism that ground will be broken on a luxury brand hotel this year.”At his news conference, Tourism Minister Wayne Furbert had said: “We are 99.9 percent there, as the developer says, and so we hope to make that announcement, hopefully in the next month or so.”Government did not name the development it was referring to and declined to provide further details when asked about it yesterday.One potential issue is that the Corporation of Hamilton last February had filed a writ against the developers of the planned St Regis hotel.Mayor Charles Gosling declined to comment at the time.Donal Smith, vice-president of the development company for the St Regis also declined to comment.Shortly before retiring in October 2010, former Premier Ewart Brown said the Corporation was holding up the development, but did not expand.The hotel has “in principle” planning approval to build nine storeys on the Church Street side and ten storeys on the Par-la-Ville side, with three levels of underground parking.In addition to the hotel rooms the development was granted permission for 80 residences.This month, the city’s only major resort, the Fairmont Hamilton Princess, told the Bermuda Sun it was looking for an equity partner to “fast track” a $50 million project to expand and upgrade facilities, including adding dozens of marina slips.The hotel was listed on an international real estate website by owner Global Hospitality Investments in order to attract new investment.