The Marriott Castle Harbour hotel closes today but investors hope it will rise from the ashes as Bermuda's newest signature resort.

And developers have revealed details of what the planned new hotel site could look like if the go-ahead is given.

They say the renovated and revitalised resort is set to be "the name'' that people associate Bermuda within the future.

Peter Parker of Bermuda Properties Ltd, who will be looking after the site from Midnight today, said his staff were working feverishly to bring some good news to tourism.

"When people think of the island of Nevis they think of the Four Seasons hotel, we want people to think of Castle Harbour when they think of Bermuda,'' he said.

And he said nobody wanted another empty property on the Island.

"We have been busting our buns for a long time, trying to pull things together to make it happen. It is a challenge but we are hopeful.

"We are not shutting down to shut down.'' The new resort, which it is hoped will begin construction in Spring, is expected to feature fewer than the current 400 rooms. But they will be elegant and of a five star standard.

A spa and health club will be built and the existing beach club will be revamped completely.

In addition, the golf course will be revamped with a clubhouse that will become a destination in its own right. In the meantime nine holes will remain open.

Also, a number of homes will be built.

Providing work starts on time, opening for the hotel segment should be in 2002. The golfing segment could be teeing off in 2001.

Mr. Parker said much preparation work had been done, with designs already in hand.

But he said the project, like all hospitality investments, was complicated, difficult and a moving target. Costs are estimated at between $160 and $200 million.

Tourism Minister David Allen said they were moving the project ahead as fast as possible but said there were some issues that had to be sorted out.

End of an era And he said the possible hotel managers, Regent International Hotels, were fully behind the plan, although nothing was signed.

"I am confident they will be a part of it,'' he said.

Bermuda Properties have owned the site since 1958 and operated it themselves until 1984, when Marriott took over the hotel management segment.

In 1994, Marriott bosses threatened to close the resort, claiming it had lost millions since opening and during the same year the company director John Marriott listed the difficulties with the site.

He said taxes and duties hit them hard, and bemoaned their lease agreement with Bermuda Properties -- saying it needed to corner some of the lucrative golf market.