The new owners of two Island hotels are in Bermuda for meetings with staff this week.

Canadian Pacific Hotels Chairman and CEO William Fatt, Communications VP Ann Layton and Human Resources VP Carolyn Clark, began arriving here two days ago.

They will hold a major meeting with local Princess hotel staff this afternoon at the Hamilton Princess.

Last week the representatives where understood to be in Arizona, where they met with staff at the Scottsdale Princess.

CP Hotels acquired seven members of the Princess Hotels chain -- including The Princess and Southampton Princess -- from Lonrho PLC for $540 million earlier this month.

The deal, which includes $71 million of debt, was announced in June and wrapped up two months later, ending months of speculation about who would buy the hotels.

Since going on the market, a variety of names were mentioned in connection with purchasing the properties, including the Marriott and Hilton Corporations, along with Saudi Prince Al-Waleed bin Talal, the biggest stake holder in the Fairmont hotel group.