The Fairmont Hamilton Princess is now owned by a Bermudian family following the purchase of the hotel from Global Hospitality Investments (GHI), the owners since September 2007.In a statement released yesterday it was also noted that the Green family “will invest $50 million to enhance the property in order to further strengthen its position as one of the island’s greatest tourism assets”.A spokesperson said: “The family will continue the development plans started by GHI, which include building a marina, upgrading rooms, redeveloping the hotel’s public spaces including the pools, gardens and restaurant to increase the property’s leisure credentials, while maintaining its existing appeal to business travellers.“The Green family will invest a minimum of $50 million to enhance the property in order to further strengthen its position as one of the island’s greatest tourism assets,” she said.“The family will continue the development plans started by GHI, which include building a marina, upgrading rooms, redeveloping the hotel’s public spaces including the pools, gardens and restaurant to increase the property’s leisure credentials, while maintaining its existing appeal to business travellers.”Alexander Green said: “Taking ownership of such a prominent and historic landmark in Bermuda is a dream come true for our family and we are excited about expanding its contribution to the local economy.“We are developing a long-term investment plan for The Fairmont Hamilton Princess informed by our extensive knowledge of the island based on our family being based here for 65 years.”“While the hotel has traditionally attracted business visitors, we believe that there is great potential to increase the leisure side of the business through enhancements to the hotel’s leisure facilities.“The hotel has a superb team of management and staff in place, some of whom have devoted as many as 40 years of their lives to its success.“We look forward to continuing the good work that GHI has done with plans to upgrade the hotel on an ongoing basis. This further investment in Bermuda continues to show our dedication to the Island and our unshakeable faith in its long term prospects,” he said.“We would like to thank the Government for their help in enabling us to complete the deal so quickly.“We would also like to extend our appreciation to GHI and the respective legal and support teams for their assistance. We very much look forward to working with Len and the team at The Fairmont Hamilton Princess,” he said.The Green family also owns Overbay and the Waterloo House development of luxury commercial and residential accommodations on Pitt’s Bay Road, which passed theTourism Minister Wayne Furbert was excited to have the prominent city hotel returned to Bermudian ownership.“We believe that the Green family’s investment in one of the island’s foremost landmarks is a mark of confidence in Bermuda and the future of the island’s tourism industry.“The family’s international experience as an investor in one of London’s top hotel groups will be of great benefit to the hotel and to the island.”The Green family has a history of owning hotels and for a seven-year period beginning in 2004 they had a 25 percent stake in the Maybourne Group, which owns The Berkeley, Claridge’s and The Connaught.Mr Green, the owner of Berco Limited, an investment company is a wealthy investor, born in Manchester, England. He is a Bermuda resident and long-time contributor to the UK’s Labour party.His wife, the late Mary-Jean Mitchell who died in 1990 of cancer was the only child of Sir Harold Michell, then one of the world’s wealthiest men, who arrived in Bermuda in 1947 with is wife Mary Pringle.He has a multimillion dollar home on Marshall’s Island and married again, as a widower. His father was an entrepreneur in textiles and grocery stores that later became Tesco.He purchased the Fairmont Hamilton Princess from GHI with his sons, Alexander and Andrew Green, who are Bermudian.The property will continue to be managed by Fairmont Hotels and there will be no changes of staff or operations as a result of the sale.General Manger of the Fairmont Hamilton Princess Len Czarnecki is “looking forward to working with the Green family in building upon the existing success of The Fairmont Hamilton Princess”.“The property boasts a remarkable history of over 125 years welcoming both leisure and business tourists to Bermuda and helping to make their visit a memorable one.“With this generous investment plan we hope to continue to turn moments into memories for many more generations of visitors to the island,” he said.GHI acquired the hotel five years ago and has spent over $25 million in refurbishments “to enhance its position as Bermuda’s preeminent hotel”.GHI CEO Laurent Poole said: “The Green family is a natural owner for The Fairmont Hamilton Princess and the ideal fiduciary to bring its full potential to fruition. They are clearly knowledgeable about and committed to Bermuda while also possessing international acumen.“We have had a great experience owning the Fairmont Hamilton Princess and will continue future investment activities in Bermuda.”Tourism Minister Wayne Furbert said: “It is exciting to have The Fairmont Hamilton Princess return to Bermudian ownership and we believe that the Green family’s investment in one of the island’s foremost landmarks is a mark of confidence in Bermuda and the future of the island’s tourism industry.“The family’s international experience as an investor in one of London’s top hotel groups will be of great benefit to the hotel and to the island.”The Green family also owns Overbay and the Waterloo House development of luxury commercial and residential accommodations on Pitt’s Bay Road, which passed the halfway point to completion this summer.More than 90 percent of the commercial space within the property has been rented out, some of it to companies that are new to Bermuda, and the residential penthouse apartments will be released onto the market this Fall.