The Bermuda Government has tabled a series of leases for the St George’s hotel project. The 262-year leases, tabled on Friday, propose a varying rent for the hotel property, which would start at $1,000 per year before rising to $5,000, $80,000 and eventually $100,000 per year. Starting on the tenth anniversary of the agreement, rent payable will increase by 10 per cent every five years.

Meanwhile, separate leases offer the developers the golf course for an annual peppercorn of $10. The property to be used for fractional units would also be rented for a token $1 annual fee, but the leases state the government would receive $105,000 for each of the fractional units sold.

The lease also somewhat clarifies the proposed public access to Fort St Catherine’s Beach, which had been an area of concern among some after earlier documents promised “reasonable” public access.

A section states: “With the exception of the specific area delineated and marked ‘Hotel Use Only’ on the tenant covenants, the beach shall remain open to the general public for use (save for with regard to the use of any hotel facilities or amenities on the beach, which shall be reserved for guests of the hotel and the owners and occupiers from time to time of any residential accommodation on the estate only) without charge at all times, except when the tenant or manager of the hotel shall close the beach, or a portion thereof, for such durations as may be agreed from time to time with the minister (acting reasonably) for the purposes of special hotel events on the beach, the maintenance or repairs of, or improvements to the beach.”

Government has been moving forward with a deal with the Desarrollos Hotelco Group to erect a new St Regis Hotel on the 124-acre site that formerly hosted the Club Med hotel.” The St George’s Resort Act, which allows leases and concessions in connection with the development, was passed in the House of Assembly and the Senate earlier this year despite concerns voiced by the opposition, and the Government announced in October that it had finalised the master development agreement for the project.