A new concept in international hotels is coming to Bermuda.

Plans have been submitted for a ten-storey condominium hotel which encapsulates "the next step in Bermuda's housing, evolution and maturity", according to developers.

Similar to 'aparthotels' in cities around the world, the Hamilton complex will offer visiting business executives both short and long-term accommodation, but at a five-star standard.

Yesterday the Chamber of Commerce offered its full support for the project.

Executive director Diane Gordon said: "There needs to be more hotel development, but it has to be the right development in the right location.

"Certainly there is a demand for more executive accommodation and this is the right place for it.

"Our reaction is that this is a great thing for the City of Hamilton and we would certainly support it."

The proposed development, at the corner of Court Street and Reid Street, will include a "world class restaurant, concierge and exceptional spa experience".

It claims to introduce "a new form of tourism and residential use to Bermuda".

Business consultants ARP say it will be managed "by a top tier international brand that will bring excellent exposure to the Island". In addition, the condominium hotel will "serve as a catalyst for further development and improvement in east and north-east Hamilton". In a letter accompanying the Planning application, ARP — on behalf of developers Stonehaven Development Co. Ltd — say the complex is needed to meet the growing demand for luxury business accommodation, a by-product of booming banking and reinsurance on the Island.

"New company formation continues unabated in Bermuda (17,038 companies in 2005, up from 16,396 in 2003) which creates a demand for housing that can't continue to be met by the development of vacant land. City living is the next step in Bermuda's housing, evolution and maturity," say ARP.

"The target population for the condominium hotel is the business person that is on Island, either for a brief stay, or for two to three years, and who desires an urban living option where work, shopping, dining and entertainment are all within walking distance.

"The aim is to provide five-star living accommodations with full hotel amenities. The hotel amenities include a world-class restaurant, concierge and exceptional spa experience."

The complex, on the site of the New Canadian Hotel, will cover 23,522 sq ft and contain 81 one- and two-bedroom units. It has been designed by architects Botelho Wood.

ARP say the development more than meets the regulations of the City of Hamilton Plan 2001, as it is lower than 138 ft and is set back further from the pavement than is needed. The floor at street level is 8ft from the back of the pavement; the second to ninth storeys, 15ft; and tenth, 25ft.

ARP adds that the hotel "will not impact on the established view of the Cathedral" but will create "a new and striking addition to the City skyline".

"The proposed condominium hotel will result in the complete rejuvenation and upgrade of a part of the city — a 'brown field' site at that — which has suffered from neglect for a number of years," say the consultants.

"Bermuda can no longer afford to continue to indiscriminatorily lose green space to development.

"Moreover, in line with the Bermuda Government's and the Corporation of Hamilton's wish to rejuvenate the Court Street and North Hamilton areas, the applicant's proposed five-star condominium hotel no doubt will be the catalyst for further investment in the area. New commercial office spaces are shifting to the east side of Hamilton, and ideally, residential spaces and associated amenities should follow along with this exciting project. Our research strongly indicates that both the proposed product and location are extremely suitable for this type of development."

City mayor Sutherland Madeiros however, said the Corporation of Hamilton would have to consider the impact of the proposed hotel on the surrounding streets.

"Reid Street is one of the busiest streets in Hamilton and so we will have to consider local traffic flow and other issues," he said. "We haven't discussed those issues at this point in time, but I am sure this planning application will be put on the table shortly."