A bond backed by the public and international business could be the key to kick-starting new tourism investment, it has been claimed.

Getting Bermuda to invest some of its own money in new developments in order to attract overseas funds could provide the boost the hotel industry needs.

Leon O'Brien, a hospitality consultant with 30 years experience, believes it is time for the Island to restore confidence in its product and back words with deeds.

He believes a bond system, with funds coming from international business or the community, would help developers with new hotel projects and could assist in revitalising existing accommodations.

"We want people from outside to come in here and invest in our country, but we don't want to do anything,'' he said. "We need to put our money where our mouth is.

"We have to act like leaders and not sit back. People and countries that want tourist dollars have to be aggressive.'' Mr. O'Brien, who is currently coming to the end of a consultancy contract at the Stonington Beach Hotel, believes the abundance of international business and professionals could be tapped into -- for finance and expertise.

And the workers themselves could buy into the programme via employee share options, he said.

Money raised could be offered to investors as local participation in the particular project.

"We have never asked industry if they are interested in putting up some funds. And workers could be a part of the process. Any hotel that the workers feel they are participants is a successful hotel.

"We have more integrated professionals than anywhere else in the world and we can't build hotels. We need to step up to the plate.'' Any approach to Government to become involved in a bond guarantee scheme is likely to receive a lukewarm response.

Tourism Minister David Allen rebuffed an plea from the Camberley Hotel Company when they asked about the possibility of Government providing a financial surety for part of their potential investment at the former Club Med property.

At the time he said the Government was "not in the hotel business'' but Camberley stated that whoever came in for the place would need a similar financing package.

Investor confidence is understood to have been a key factor in the slow-movement of a number of planned tourism projects.

And some overseas developers have privately said that negative feedback from the Government, in particular the lukewarm treatment some have received, has been a factor in their lack of confidence.

Leon O'Brien