Four Seasons Resort and Hotel gave its name publicly to the redevelopment of Coral Beach Club for the first time last night.

A joint statement from Brickman, which own the Coral Beach Club and Horizon Cottages properties, and Four Seasons last night said construction on the initial phase is expected to begin this year.

Though the Four Seasons have been attached to the property before, until last night they declined to comment on it.

Scott Woroch, executive vice president of worldwide development for Four Seasons, said last night: "Bermuda is an important market for Four Seasons, and we believe that the Coral Beach and Horizons properties are ideally suited for the development of a resort and residential offering.

"With the continued efforts of our development partner, and the support of the Government of Bermuda, we are confident that the resort development will proceed, and we will welcome our guests and owners to Bermuda in the not too distant future."

Roderick O'Connor, principal of Brickman, said: "It is our intention to commence the initial phase of the redevelopment later this year. Our plans for the initial phase include renovating several existing structures, and beginning construction on the amenity buildings and new hotel rooms",

He added that the company was working closely with Four Seasons Hotels and Resorts on the redevelopment, but were also focusing on "maintaining a high quality experience for our existing Club members".

Brickman acquired the properties in January 2008, and received planning permission in principle to develop a 150 room hotel and 80 fractional units on the properties in June 2009.

Mr. O'Connor said it was currently a challenging time for resort development, due to the global financing crisis, but he added: "Brickman has made a substantial investment in Bermuda.

"And with the continued assistance from the Government of Bermuda and its various Ministers, and with the support of Four Seasons, we intend to see this project through to a successful completion."

Last night Premier Ewart Brown said: "This justifies my confidence in the turnaround that is right around the corner and demonstrates that the development community believes in Bermuda."