The sale of the Belmont Hotel was finalised yesterday, nearly three years after it closed.

The money for the 151-bedroomed Warwick hotel and golf course was transferred yesterday to former owners, the Forte Hotel Group, after Bank of Bermuda helped out with a loan.

New owner Richard Halsey, an American who has recently obtained Bermudian status, said he planned to demolish the property, build a hotel, upgrade the golf course, and build condominiums which can be bought by Bermudians and tourists.

The Florida-based property developer, a nephew of W.F "Chummy'' Hayward, has a sentimental attachment to the hotel, as his father Richard was golf professional at the hotel before the war.

He told The Royal Gazette yesterday he hopes demolition will begin within nine months and the hotel and condo complex - which he said should cost around $60 million to build - to be open in two-and-a-half to three years.

He said his plans were still at an evolutionary stage as he would need to win approval from Planning and the Department of Tourism.

"It's a big relief. It's been a real difficult kind of closing, but I am very relieved and very happy,'' he said.

"The Bank of Bermuda came in and provided financing for us and the balance of the equity came from Bermudians, so I'm very excited about it.

"We'll be looking for bids for the demolition in the next couple of months and we are trying to solidify plans to the point where we can go to Tourism and Planning and say what we want to do and what will be acceptable.''

He said he was excited by the tourism climate in Bermuda, with major hotels upgrading, and the Tucker's Point Club set to be built on the site of the Marriott Castle Harbour Hotel."

Mr. Halsey has teamed up with his cousin Kevin Petty of Somers Management and Somers Realty.

Somers Management will run the project, while Somers Realty will look after marketing.

Gordon Slatford, the general manager of the Belmont Estate who has overseen management of the golf course while the hotel has been closed, said: "The sale is fabulous news.

"Our golf membership, which has been nervous about their tenure, can now be confident of the ongoing future of the course and the club membership..''

White Sands Hotel owner James Dwyer was given a lengthy exclusivity agreement with Forte, but the hotel chain pulled the plug on the agreement in February after running out of patience.

The new Belmont and the Tucker's Point Club, when they are built, will be the first new hotels on the Island since 1971.