Developer Carl Bazarian and Premier and Tourism Minister Dr. Ewart Brown are expected to announce tomorrow that the long-awaited Park Hyatt hotel development is going ahead – but officials were silent on the exact details yesterday.

Tourism Board chairman and Bazarian spokesman E. Michael Jones said yesterday he was "excited" but declined to indicate what exactly was being announced.

On Saturday, a legal notice was published in The Royal Gazette which would enable Mr. Bazarian's Addax Holdings Ltd. to lease the 124-acre site earmarked for the Park Hyatt development for 262 years.

The notice suggested that Addax is now ready to take possession of the property. It was given the right to redevelop the former Club Med property in April, 2007.

The derelict Club Med building was imploded in 2008. The building was last used as a hotel 20 years earlier when Club Med closed it.

Dr. Brown has previously said that Mr. Bazarian now has the funding to go forward with the multimillion dollar development, which will be managed by Park Hyatt. The formal announcement is expected tomorrow.

Mr. Jones also said yesterday that Bazarian and Park Hyatt welcomed the proposal for a super yacht marina in St. George's.

Last week the Corporation of St. George's announced it is exploring the possibility of building a boutique hotel and super yacht marina in the World Heritage Site.

Mr. Jones said: "We think it is a great project. Park Hyatt clients could sail in and then stay at the hotel, or come earlier before boarding their boat.

"We think a marina would be good for the Town of St. George's."