Tourism Minister the Hon. CV (Jim) Woolridge said yesterday he was deeply disappointed that plans to build a five-star hotel in Hamilton have been put off.

Building only the office part of the proposed multi-million-dollar Bermuda Financial Centre Limited was "not good enough'', the Minister said.

He planned to meet with head developer the Hon. Michael Winfield to see "exactly what the real problems are'' and if anything could be done to avoid temporarily shelving the hotel.

The luxurious Four Seasons chain was signed to run it.

"I'm very disappointed really,'' he said. "We've not had a new hotel physical plant since 1972, meanwhile, some of the properties are a little on the tired side.'' Mr. Woolridge said new hotels with ultra-modern facilities were going up around the world.

He had just returned from a travel agents conference in Lisbon, Portugal where he toured "one of the most beautiful hotels I've ever seen''.

Offering instant-hook-up fax machines and computers, it made him think, "This is what we need to keep pace with the times.'' He said he had been looking forward to the old Bermudiana Hotel site being revived.

The Minister added he was also disappointed the developers had axed plans for a huge convention centre within the complex.

"Every destination is going after the business convention and incentive travel market now,'' he said. "We need more physical plants geared towards this type of tourism. We can not afford to sit back on our laurels.'' Mr. Woolridge said he would be meeting with BFCL president Mr. Winfield as soon as possible.

He said, "I will be personally talking to him to find out exactly what the real problems are and if any restructuring can be done to have the hotel part more prioritised, because I have fully supported this venture while everyone seemed to be coming out and objecting to it. It makes me wonder what we really want in this Country.'' Mr. Winfield announced the hotel plan had been temporarily abandoned in a his letter to shareholders last week.

But he said the BFCL was ready to proceed with plans for the office buildings.

Suspension of the hotel plans comes after the company less than two weeks ago won a court battle with nearby Princess Hotel parent, Hamilton Properties Ltd, which argued it was fighting the "unnecessary'' development in the public's interest.

Mr. Winfield said BFCL had not abandoned altogether the hotel plan, as the company retains the right to submit detailed drawings for a hotel and private apartment complex to the Development Applications Board at a later time.

The letter stated: "This phased approach will enable us to move ahead quickly with the office portion of the project.'' A Four Seasons hotel executive reacted with disappointment to the news of the deferral.

Speaking from the corporate headquarters in Toronto, Mr. Roger Garland said, "We were aware that they were considering this as an option. They had been spending a considerable amount of time working with international financial sources that would put together a package that would provide financing for the total project.'' The group may reconsider the deal if the delay was very long, however, he said, "The phasing of it itself wouldn't change our view. We think that it is a very necessary amenity resource for the Island to provide for the corporate traveller.

As a result of the restructuring, the BFCL suspended trading of the company shares on the Bermuda Stock Exchange.