spring, remains a no-go project for the developers and the renowned hotel chain.

Developer Mr. Frank Bryant last night said his company was still trying to find investors for the 400-room South Shore hotel.

But he couldn't give any indication if and when he could land backing for the project -- which could cost up to $200 million.

Mr. Bryant said a Japanese construction company that was once on line to build the hotel was now out of the picture.

"They're negative,'' he said. "Before they were totally positive. And there is no in between with them.'' The company, Shimizu Corporation, the largest construction company in the world, pulled back from the project after the collapse of the Japanese financial markets in 1991.

Mr. Bryant said he and Ritz-Carlton remained positive about the project. He said he was in contact with them up to three times a week.

"I'm going to get it off the ground,'' he said. "It's just a matter of when.

Right now is the perfect time to bring on a new hotel.'' He said Bermuda remained one of the few markets left that was viable for a hotel development.

"It fits everything,'' he said, adding that the Island's proximity to major US cities made it ideal to capitalise on the trend toward spur-of-the-moment, shorter trips.

Although the still depressed economic conditions made it difficult to find investors, Mr. Bryant said he has been talking with a group for about six months.