Island.

Mr. Dwyer, who already owns the White Sands Hotel and is currently negotiating for the Sonesta property, is understood to have had an offer accepted for the Belmont hotel.

It is not known what the price for the property is but a local group were thought to have put in a $12 million bid for the hotel recently.

A company set up by James M. Dwyer Real Estate Investment and Development, Providence JV Number Four Investment Limited, is under contract to purchase the Warwick hotel and land.

The sale is expected to be completed by September, following the payment of a deposit and the subsequent due diligence period. Contracts have already been exchanged.

Efforts to contact Mr. Dwyer were unsuccessful yesterday.

The Sonesta deal is still in process but the conclusion date has been delayed twice, from April to May and then again recently.

It is thought the sale will still go through but it is not known when the deal will be finalised.

If both sales went ahead, it could mean both properties would dovetail together, giving the Sonesta the advantage of having access to a prized golf course.

It is not known what the prospective purchaser intends to do with Belmont, but earlier plans included demolishing the hotel, building a clubhouse, accommodation and villas.

Yesterday, Sonesta general manager John Murtha said he was aware that Mr.

Dwyer had expressed an interest in the Belmont site but added he was not privy to any details.

"Our sale is still proceeding, we would expect the process to be completed very shortly, but we can't say when that will be.'' Back in March, The Royal Gazette revealed that several organisations, local and overseas, were vying for the 100 acre site, which includes the hotel building and golf course.

Following his purchase of White Sands last year, Mr. Dwyer indicated his intention to extend his portfolio of Bermuda properties.