Premier Ewart Brown said plans for a new multi-million dollar hotel complex to replace Club Med would show the world Bermuda is "open for business".

In the House of Assembly last Friday, the Premier said he would shortly be tabling new legislation to pave the way for the development of the Park Hyatt residence complex and golf course at the St. George's site.

Club Med is set to be imploded next month, to end a 20-year deadlock in which residents have dubbed it an eyesore and called for it to be knocked down or converted.

Dr. Brown told MPs: "(The Park Hyatt (St. George's Resort) Bill 2008) is is a historic piece of legislation because it represents the near culmination of years of negotiations and diligence on the part of the Government of Bermuda.