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Corporation says there is no deal with hotel developer

The Corporation of Hamilton said it has no existing agreement with the US developer who said this week he had financing in place and hoped to break ground later this year on a hotel and ultra-high-end condos off Par-La-Ville Road.

Despite what Unified Resorts principal Ted Adams III said, the Corporation said the company had not met its agreed obligations and deadlines, and failed to even put forward a construction plan for the proposed development.

Meanwhile, Starwood Hotels & Resorts Worldwide, which attached its name to the development in 2009 with much fanfare, now refuses to say whether or not it‘s still involved as the brand partner. Starwood had said a St Regis hotel and luxury residences, owned by Par La Ville Hotel and Residences Ltd, would offer “unparalleled luxury” and open next year, in 2013.

Par La Ville Hotel and Residences Ltd is a partnership between Unified Resorts and New York-based Sagewood Investments; local businessman Donal Smith is a partner and shareholder in the company.

However, appearing to back away from the deal, all a Starwood spokesman would say was: “Due to confidentiality agreements we are unable to comment on the status of this particular project, but we can confirm that Starwood continues to view Bermuda as a very attractive market, particularly for our ultra luxury St Regis brand.”

When pressed whether or not St Regis was still on board as the brand partner, the Starwood spokesman refused to comment further.

In a statement to

The Royal Gazette, the Development Committee of the Corporation of Hamilton said: “The Corporation was very surprised to see the article in the paper on the development of the St Regis hotel.

“Par La Ville Hotel and Residences Ltd have consistently failed to meet various obligations under the development agreements entered into with the Corporation of Hamilton, in particular they have failed to provide the Corporation with a proper completed construction contract for the development works, which the Corporation should have had no later than 1 July 2010.

“So far as the Corporation is concerned there is no existing agreement between Par La Ville Hotel and Residences Ltd and the matter is, as Par La Ville Hotel and Residences Ltd is well aware, currently before the Court. The Corporation cannot go into any greater detail other than that, save to say that it expects the matter to be resolved in the next two months.”

The Corporation of Hamilton filed a write last February against Par La Ville Hotel and Residences Ltd.

Insisting he had financing and was ready to break ground, Mr Adams told the

Gazette last week: “We have sound fundamentals including: the best location on a progressive Island; the number one luxury brand in the world; a vibrant international business community that demands a five-star business hotel; an experienced Development Team; a highly educated and skilled local workforce; and, significant support and encouragement from the Bermuda Government.”

The Par La Ville hotel was one of several proposed hotel developments that was touted as the start of a “platinum period for tourism” by former Premier Ewart Brown, who had said he expected the Island would have three or four new five-star hotels by 2011.

But one by one, nearly all of those proposed developments fell through due to lack of financing, and none has actually broken ground.

Developer Carl Bazarian said last week he is still working on his proposed Park Hyatt resort in St George’s, though there’s no date for breaking ground.

And developer Craig Christensen of Southlands Ltd continues to work on the proposed $1.8 billion Morgan’s Point resort.

Will it ever happen? A sketch of the envisioned luxury St Regis hotel that developers hope to build at the corner of Par-la-Ville Road and Church Street

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Published March 05, 2012 at 1:00 am (Updated March 05, 2012 at 6:19 am)

Corporation says there is no deal with hotel developer

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