Developers behind the planned new resort at Castle Harbour have called for patience as they try to pull the deal together.

Backers of the plan have been working hard behind the scenes for some time but say any conclusion is still a long way off.

The present Marriott Castle resort will close its doors on November 30 -- putting 300 staff out of work -- and it is likely to be some time before a new hotel starts to take shape on the site.

Peter Parker of Bermuda Properties said the project was very intricate and there were still many stages to go through before any announcement could be made.

"The hotel is going to close. We are hoping to build a wonderful new resort.

But there are lots of hoops to jump through before we can do that,'' he said.

"It is a big complicated project that takes a lot of time. I don't know when it will be there. I am positive and do think it will happen.'' It is planned to eventually have a five-star resort at Castle Harbour. But a first phase completion of 2001, previously stated by Tourism Minister David Allen, may be too ambitious.

US-based Regent International Hotels are negotiating for the hotel management contract and worldwide investment bankers Donaldson, Lufkin and Jenrette (DLJ) are involved with financing the project.

Regent International have kept tight lipped about the deal, only saying that talks for the management contract are on-going.

DLJ are an investment merchant bank with offices in the United States, Europe, Latin America and Asia.

Employing 8,000 people, they serve corporate and Government clients in various ways, including investment research, venture capital and asset management.

Catherine Conroy, director of corporate communications for Donaldson, Lufkin and Jenrette, said: "We are still working with Bermuda Properties and evaluating financial opportunities, but no final determination has yet been made.'' Mr. Allen said he believes the $165 million project would be the largest ever in the history of the Island, establishing a top-of-the range resort, with fewer rooms than before.