A new hotel for St. George?s is moving closer to becoming a reality with developers prepared to more than double their investment.

Wanda Dorosz, head of St. George?s Renaissance Consortium, said last week that the projected outlay had moved up from $80 million to ?in the region of $210 million?.

The consortium is planning to develop the old Club Med site into a five-star hotel and condominium complex and yesterday advertised its application to incorporate a local company to do so.

From her office in Canada, Ms Dorosz said talks were progressing with the St. George?s By the Forts development.

?We are getting closer but I really cannot say much more than that at the moment,? she told yesterday. ?We?re not done yet but we are getting a lot closer.?

She said she referred to the site by its new name explaining that the words ?Club Med? carried a negative feeling for many Bermudians and especially St. Georgians.

?We are trying to bring back that magnificent site to the way it was. I?ve been there about fifty times and it truly is magnificent,? she said.

In 2003, she detailed her plans for the site which included a 90 bedroom hotel and 90 piazza-style condominiums complete with fountains.

The development also included an underground theatre with seating for 500 people and small disco at Fort Victoria.

Last week she said the plans had changed somewhat and that she was now looking at more hotel rooms and a larger investment.

?I am cautiously optimistic,? she said about the project. ?We have been feverishly busy working on the hotel side of things and I can say that our vision has been kept intact for visitors and residents.?

She said that the consortium was close to locking in a deal with a five-star hotel. ?And I understand this will be the largest development on the Island.?

She said the group had promised Government that the hotel would be bigger than the condominium development and said work would begin on the two areas simultaneously.

?We are committed and have come to a good understanding where Government doesn?t have to do it alone,? she said.

Admitting that the incorporation of the company was a signal that the first hurdle had been passed, Ms Dorosz said she would be prepared to make a full statement in about two months.