The Fairmont Hamilton Princess is set for a major renovation by new owners Goodman Hospitality Investments, the hotel arm of the Goodman family, as part of an overall refurbishment project for their three newly-acquired international hotels in Bermuda and Mexico, according to Globest's real estate website.

The hotel was bought last month for an undisclosed fee along with two other Fairmont resorts in Acapulco, The Fairmont Acapulco Princess and The Fairmont Pierre Marques, as reported in The Royal Gazette, but Munich-based Hypo Real Estate Capital Corporation said yesterday it provided $402 million in acquisition and repositioning loans in support of the investment.

The 410-room Hamilton Princess, which was built in 1884, has had an estimated $20 million face lift, with plans calling for the update of 113 rooms in the Bay wing as well as common areas such as the lobby, fitness facilities and pool.

It is scheduled to take 18 to 24 months and the work comes on the heels of a $30 million investment in the property by Fairmont Hotels & Resorts.

"Bermuda is experiencing a strong growth in tourism," Goodman Hospitality Investments president and chief executive Laurent Poole said in a statement.

The Goodman family operates Goodman Investment Group, which includes Goodman Hospitality Investments, Goodman Real Estate, Pinnacle Realty and Triad Development. John Goodman is the company's founder and serves as its chairman.

The companies' portfolio has a market value of approximately $5 billion and spans the spectrum of risk-adjusted investments to include hotels and resorts, multifamily, office, retail, real estate development, and property management.