if two insurance companies get permission to develop a derelict hotel site.

Earlier this month Mr. Clayton revealed he had bought the Bermuda Financial Centre Ltd. and was launching plans rivalling a bid by ACE Ltd. and EXEL Ltd.

to build on the Bermudiana Hotel site.

It is expected that the Development Applications Board will meet tomorrow to continue discussing the ACE and EXEL plans which were adjourned from last week.

If the DAB passes the plans Mr. Clayton said he will appeal the decision, which would be heard by new Environment Minister Irving Pearman.

Mr. Clayton said he wants to build a 100-suite hotel aimed at business travellers, luxury condominiums, office blocks and a piazza with cafes and shops.

Yesterday in a statement he said he already had a "significant number of enquiries'' from businesses about leasing the offices as well as offers of financial backing for the $150 million project.

According to Mr. Clayton a "major international hotel management company has already submitted contracts for discussion''. Altogether, he says, the project will create more than 200 full-time jobs.

"BFCL cannot submit any formal proposals to the owners of the site until an option granted to ACE and EXEL expires.

"However BFCL, which already holds planning permission for a multi-use plan, are fully prepared to appeal against any office-only planning permission granted to ACE and EXEL.'' ACE and EXEL have agreed to buy the site from Winson Holdings, which is wholly owned by Argus Insurance, and build offices for their companies.

Legislation allowing foreign ownership of the land has been passed and the deal now hinges on planning permission.

Mr. Clayton entered the scene at the beginning of the month when he suddenly announced he had bought BFCL, which originally hoped to develop the site, and launched a rival eleventh hour bid.

Government has made it clear that it will not interfere in the dispute.