A Four Seasons executive yesterday expressed disappointment that the Bermuda Financial Centre Ltd. had deferred plans to build a hotel on the site of the old Bermudiana Hotel.

Officials of the hotel chain conceded they knew some weeks ago that a delay was possible, although Four Seasons' executive vice president Mr. Roger Garland said the decision had been confirmed to him yesterday morning.

Speaking from the corporate headquarters in Toronto, Mr. Garland said, "We were aware that they were considering this as an option. They had been spending a considerable amount of time working with international financial sources to put together a package that would provide financing for the total project.

"We were aware that they were looking at the option of perhaps doing the office component first and then following that with the other aspects, which included residential as well as the hotel.

"It was only this morning that I saw the report that was issued to the shareholders of the company.'' Mr. Garland was optimistic, though, that it would not change the prospects for the hotel and the viability of Four Seasons being involved.

"It would be the same project, but it just wouldn't happen for a further period of time. Obviously, if it would be a long time in the future, we would have to reconsider what was happening at that time.

"But the phasing of it wouldn't change our view. We think that it is a very necessary amenity resource for the Island to provide for the corporate traveller.

"We were disappointed obviously with the decision they (BFCL) made.

"We want to be there as hotel operators and we will do everything that we can to support them if they want to do a hotel. We would be very pleased to have our name associated with the project and be operating a hotel there.

"In this business you learn to live with disappointment from time to time. We hope that it will eventually go ahead.''