The company which plans to throw $32 million into reviving a derelict East End hotel is re-igniting its efforts following last week's General Election.

Camberley Hotel Company president Ian Lloyd-Jones said he had not made official contact with the Island's new Government yet but hoped to meet with its members before Christmas.

The Atlanta-based company's plans to take over the old Club Med in St.

George's were put on hold while the election war raged because the firm wanted to know who its landlord -- now the PLP -- would be after Nov. 9.

While Camberley met with Progressive Labour Party members in their Shadow Minister roles, Mr. Lloyd Jones said it was time for meetings to update them on Camberley's efforts.

There is a sense of urgency as Camberley's present option to lease period, which was extended by the former Government in October, expires on January 10.

When Camberley first announced its plans to wait the election out, then-Shadow Tourism Minister David Allen applauded the move, noting that the PLP felt the development was favourable and wanted to get it underway as quickly as possible.

But there still remains the issue of the present state of global capital markets, said Mr. Lloyd-Jones.

When he announced his company's decision to postpone signing a lease until after the election, he noted that the global financial climate was unstable.

And yesterday he said: "There has been no noticeable change in the situation for capital markets in the US and the world. Many of the major investors and players in the hotel real estate sector have simply shut down.'' Mr. Lloyd-Jones said the firm was looking to equity sources for financing, but this presented its own challenges.

"Although there are still significant equity sources available, they are demonstrating reluctance to place capital as they consider the possibilities of higher cap rates which are pushing prices down.

"Debt is available, but it is getting more expensive, more restrictive and extremely cautious. Now is not a good time to go forward with any major projects in the hotel real estate sector. We are still facing that major hurdle.'' However the overall mood in the Camberley camp was upbeat, he said.

"Our confidence in Bermuda remains very strong and we are committed to our vision of a world class resort in what is the oldest established community in the western hemisphere.

"We are guardedly optimistic that we will be able to introduce our concept... with 300 beautiful new rooms and 300 new jobs in what we think is an unexploited historical gold mine.

"The numbers we have come up with still make good economic sense but we are being patient and working with the capital markets.'' But on this note, Mr. Lloyd-Jones had a grim warning for the Island.

"If we do not get it done, chances are no one will get it done. Our relationships with capital investors are as good as any out there.'' And to help make it happen, Camberley will be looking to the new Government for assistance, he stressed.

"I need to brief Government on the situation and need, together with Government as a resource, to work closely together with them to assemble the necessary capital investors to do this.

"We have already spent some $250,000 in the last 12 months doing this. We would not spend that type of money if we were not interested.''