A luxury hotel will be given another five years of tax breaks after MPs approved the deal in the House of Assembly.

The Loren at Pink Beach could save up to $3.25 million in occupancy and payroll tax payments through the extension, first granted in 2017.

David Burt, the Premier and tourism minister, said that it was in the national economic interests to make Bermuda more attractive to investors as he presented the Tourism Investment (The Loren at Pink Beach) Order 2021 to MPs.

Speaking on Friday, Mr Burt said that the owners had ploughed almost $80 million into the Smith’s resort after they bought the site in 2014.

He added that the hotel, which opened in 2017, was “continually being refreshed to remain at the cutting edge of the tourism industry”.

Mr Burt said The Loren had been given just over $3 million in concessions in the four years from 2017.

He added that the hotel had complied with one key condition to qualify for exemptions – an extensive training programme that would allow Bermudians to move up the ranks at the hotel to management positions.

Mr Burt said that The Loren employed 110 staff at present and that in the next four years it was hoped that 70 per cent of employees would be Bermudian.

The order was supported by the Opposition.

Michael Dunkley of the One Bermuda Alliance said: “I think we should understand and respect that this is a success story during difficult times.

“The property has won accolades from all over the world and I look forward to further investment in the property and further investment in training.”

The order falls under the Tourism Investment Act 2017, which allowed hotels to apply for exemptions from payroll tax and hotel occupancy tax for up to ten years after they opened.

Orders or tax concessions have been granted to several resorts, including the Hamilton Princess & Beach Club, Rosewood Bermuda, the Coral Beach & Tennis Club, Elbow Beach Hotel, the St George’s Club, the Bermudiana Beach Resort and the Nautilus Hotel.