Sonesta Beach Hotel, may bid to buy the South Shore property.

Mr. David Boyd, Sonesta's managing director, last night said his company was considering a purchase offer for the hotel which is soon to be put on the market by owner Aetna Life Insurance Company.

If a Sonesta bid succeeds, the deal would mark the hotel company's return to Bermuda ownership. It would also signal strong confidence in the hotel and the Island's tourism industry.

Aetna reluctantly took over ownership of the 25-acre property in 1992 after owner VMS Realty Partners of Chicago ran into financial difficulties.

This week, hotel management informed staff that the US insurance giant wanted to find a buyer.

A sale offer is to be made by a New York company within the next couple of weeks.

Sonesta has the right to make the first bid.

"The company will strongly consider making an offer,'' Mr. Boyd said. He added that the sale offer would be an "interesting test'' of the property's value as well as the health of the current tourism market and the industry's future.

Sonesta sold the property to VMS in 1987 while maintaining part ownership and the contract to manage the 400-room hotel.

But VMS soon after fell into financial difficulties. Its VMS Holdings Investments began missing payments on its Bermuda mortgage.

Aetna's February, 1992 takeover of Sonesta Bermuda was the second time in a year the insurance company foreclosed on a VMS hotel property.

At the time, Aetna spokesman Mr. Tom Dudeck said his company would hold onto the property "for the right time to sell''.

Aetna's sale offer comes at a time of economic recovery in the United States and tourism industry turnaround in Bermuda.