Beach hotel.

A spokesman for James M. Dwyer said the purchase would be sealed by the end of next month.

George-Ann Parks, administration vice-president of New Jersey based James M.

Dwyer Real Estate, said: "We are moving ahead with the property and the purchase, we hope to close the deal at the end of April.

"We have been working on this for quite a long time, it is getting close.

"It will continue to be operated in the same fashion as it has been for the time being, but down the road we might have different plans.'' Although no price has been disclosed, it is unlikely that the 400-room resort would change hands for less than $20 million.

Both parties are understood to have been in negotiations for a few months.

Owners insurance company Aetna International have been trying to sell the property for several years.

James M. Dwyer already owns one local hotel, White Sands in Paget, and always stated his intention to grow his interest in Bermuda.

Hotel deal nearly secure Ms Parks said her employer had always wanted to acquire a larger property.

"It is a beautiful property, our executives have been down there and like the hotel. They feel it has great potential.'' She said no decisions had been made on how the hotel would be run but added: "A lot of people will be staying, we don't know about all of them.

"There will be some areas that will be cut back.'' It was not clear which areas would be affected, she said.

Sonesta vice president and general manager John Murtha confirmed the details of the transaction, adding that the hotel was to continue in its current mode for the coming season.

"We are preparing for the season as we normally would, there is nothing happening with the hotel for this year,'' he said.

"We have been directed by them (James M. Dwyer) to assume the Sonesta Beach Resort will continue in its current operating mode for now.

"Long term, I am not sure exactly what the plans are yet.'' But he said he could not attest to what the new owners may want to do in the future.