A $20 million refurbishment to iconic Fairmont Hamilton Princess, bought by Goodman Investment Group, is already underway it emerged yesterday.

The Goodman Investment Group bought the hotel for an undisclosed amount, though it will still be run by the Fairmont management. And rooms were already being cleared and wall paper ripped down as leaders of the tourism industry heralded the news yesterday.

To see some of the areas that will change and a glimpse at what the updated rooms could look like go to The Royal Gazette video link at www.theroyalgazette.com.

The Goodman group plans to update 113 rooms in the Bay wing as well as the public facilities such as the lobby, fitness facilities and pool in a refurbishment which has already started and is expected to take between 18-24 months. The $20 million upgrade comes on the heels of a $30 million investment in the property by Fairmont Hotels & Resorts.

Laurent Poole, President and Chief Executive Officer of Goodman Hospitality Investments, said: "We are committed to preserving the historic charm of this Island landmark while making enhancements to the property, beginning with a $20 million renovation project.

"Bermuda is experiencing a strong growth in tourism and we look forward to becoming part of the island community."

And Tourism Board Chairman E. Michael Jones echoed Mr. Poole sentiment.

"I think this it is an exciting opportunity for investors, hoteliers and people in the industry to confirm with their money that they see Bermuda as a viable tourism destination," he said.

"The time is perfect for us to revive tourism, I think the announcement today is a valuable stamp of approval.It shows that investors are putting their money where the gold is. We have seen a lot of investment in Bermuda recently and people are saying this is where they want to do business."

Premier Dr. Ewart Brown, who is also the Minister of Tourism said: "Its multi-million dollar investment in the future of Bermuda's hospitality industry is yet another strong endorsement - not only for the vision we have at the Ministry of Tourism and Transport, but for the way this Government will handle Bermuda's economy in the future. The Goodman Group believes the future of Bermuda tourism is bright, and so do I. That's why I'm pleased to welcome this new partner in our effort to make Bermuda the premier travel destination in the world."

Meanwhile John Harvey, president of the Bermuda Hotel Association, said any investment in upgrading facilities in Bermuda's hotels was welcome news.

While the project will begin immediately, the majority of the renovation work will take place during the winter months to ensure that there is little disruption to guests, General Manager John Crellin said.

He added: "The Fairmont Hamilton Princess is a true icon of the island and with the new capital investment, we look forward to continuing our historic tradition for many years to come. We expect this to be a seamless transition for guests and staff alike."

For in-depth coverage of Goodman Group's purchase of the iconic hotel go to The Royal Gazette's Business section.