The Fairmont Hamilton Princess could build luxury apartments on its property in light of new legislation easing controls on ownership of apartments at hotel properties.

Legislation was passed in the Senate nearly two weeks ago allowing exempt companies to buy fractional units on hotel properties and also waiving the purchase fee on the units.

This morning Laurent Poole, CEO of Bermuda Resorts Limited, the company that owns the hotel, said: “In light of the recent passage of the Companies Amendment Act 2010 in the Senate authorising international companies to purchase or lease hospitality units on hotel properties in Bermuda, we’re pleased to announce that we are exploring the option of developing luxury residential units at The Fairmont Hamilton Princess.

“We are excited about the opportunity that the new legislation offers and we commend the Government for introducing it. These changes may allow our property to expand the inventory of luxury hospitality units and offer even more accommodation options to the Island.

“We will be working closely with Government and international companies in the coming months to study the options of introducing a world-class offering.”

* Full story in tomorrow’s Royal Gazette.