Property owners and developers have expressed confidence the global financial crisis will not tarnish a 'platinum period' hotel boom on the Island.

Parties engaged in multi-million dollar projects say the proposed developments are still going ahead, despite the credit crunch.

Tourism Minister, Premier Ewart Brown, was also buoyant last night, claiming "there is guarded optimism with respect to the intended developments".

Dr. Brown has spoken of the arrival of several luxury hospitality brands to Bermuda as ushering in a 'platinum period' for tourism.

Among the anticipated projects are: Park Hyatt at the former Club Med; Ritz-Carlton in Hamilton; Jumeirah at Morgan's Point; Scout Real Estate's five-star resort at the former Wyndham Hotel; and Grand Atlantic Resort and Residences in Warwick.

Yesterday, developers and land owners remained outwardly confident of obtaining the necessary multi-million dollar financing, despite this week's crisis in the US markets.

E. Michael Jones, on-Island spokesman for Bazarian International — developers of the five-star Park Hyatt in St. George's, described the situation as "challenging" but said the resort was well underway.

"I'm sure that the crisis that continues in America and in other destinations around the world will hamper the ease of which Mr. (Carl) Bazarian will be able to secure financing. But although it will make our job harder, we don't anticipate it will hinder it," he said.

"Mr. Bazarian has a very strong team that has financed many of his projects and we anticipate we will find sufficient financing for this project. It is our best hope we will be able to continue this project."

However, Mr. Jones, the chairman of Bermuda Tourism Board, admitted the financial downturn could put back many completion dates.

"Projects which aren't nearly as far along as us, they may decide it is in their best interests to hold off for six to nine months, to watch the global economy and test the waters," he said. But we are so far along we feel it is prudent for us to continue."

Donald Smith, vice president of Par-la-Ville Hotel and Residences Ltd. — developers of the five-star Ritz-Carlton on the Par-la-Ville car park, told The Royal Gazette: "Our funding hasn't been affected and the hotel is well on track. The Government and Corporation of Hamilton know this — that it is well on track."

A spokeswoman for landowners/developers Southlands Ltd. said the Jumeirah Group was still keen to manage its proposed five-star resort at the former US Naval Air Station at Morgan's Point, Sandys.

"The project is progressing and Jumeirah is still very much interested in Morgan's Point," she said.

However, she added a note of caution, saying: "In regards to the credit crisis, at this point there are no visible detrimental effects on the Morgan's Point project but, realistically, it is probably too early to tell, and we will know better as things unfold."

Scout Real Estate Capital, which announced plans in July for a $300 million hotel at the former Wyndham Beach Resort in Southampton, aims to break ground in 2009, with completion in 2011.

The developers however, are part-backed by Lehman Brothers, which filed for bankruptcy this week.

The Royal Gazette received no response for comment at the time of going to press last night.

Meanwhile in Warwick, plans for the 220-room Grand Atlantic Resort and Residences on the South Shore are ongoing.

Peter Terceira, chief architect for the project, said he spoke to developers Atlantic Development two weeks ago, and that an interested third party ie. a co-developer or hotel brand, is in the midst of a 60-day due diligence following a Letter Of Intent.

"I was told this other company is still doing their due diligence so we have to wait and see, but as far as we know everything is still running along," said Mr. Terceira.

The Premier last night said the US economic downturn was one reason why Government wanted to push tourism developments "aggressively".

Dr. Brown said: "The recent events on Wall Street are concerning from a global perspective, and I am confident the Minister of Finance (Paula Cox) and her team are effectively monitoring the situation and will be prepared to address the issues as they pertain to Bermuda. Hotel developers are similarly keeping us advised of their financing position and there is guarded optimism with respect to the intended developments.

"The current state of the capital markets underscores the need for Government, as a partner in facilitating these developments, to move with efficient, streamlined approaches in all areas, and validates our policy of aggressively handling and promoting all aspects of the development process at a pace not normally associated with a bureaucracy."