Plans for a nine-floor hotel inched a step closer after the Corporation of Hamilton signed documents agreeing to the project. The five-star venue, earmarked for the site of the Par-la-Ville car park, will feature 160 rooms and suites plus 77 luxury apartments of one, two and three bedroom units.

The Corporation has revealed it has signed a development agreement and agreement for lease with Par-la-Ville Hotel and Residences. Mayor of Hamilton Sutherland Madeiros said: “We are pleased to have reached this important milestone in bringing a five-star hotel to the city.

“The development agreement is an important step but just the first of a series of events that must take place prior to any development of the site.”

Environment Minister Neletha Butterfield previously approved a Special Development Order for the project.

Facilities include two restaurants and bars, a spa, gym, swimming pool and roof garden. There will also be a 15,400 square foot conference hall and 20,000 square feet of retail space, with boutiques along Church Street and Par-la-Ville Road.

The hotel is expected to be run by the prestigious Ritz-Carlton group and should create 330 jobs and inject $200 million into the economy. It is planned primarily as a business hotel and will have a commanding position in the heart of the city’s financial district — directly across from the Bermuda Stock Exchange.

There will also be spaces for up to 500 cars on three underground parking levels. Where the hotel backs onto Par-la-Ville Park, a small amphitheatre and fountain area will add to the landscaping.