Potential investors on the island were told yesterday that there are between three to five sites available for future development.

Kevin Dallas, CEO of the Bermuda Tourism Authority, said: “There are probably a similar number of good candidates for a major refurbishment.”

Mr Dallas was speaking during a panel discussion on investment in Bermuda, which was held at the Hamilton Princess.

The discussion was part of the two-day Caribbean Hotel Investment Conference and Operations Summit, which brought around 300 regional and international investors to the island.

Bermuda’s tourism product, including marketing and branding, construction and development and air travel were among the subjects up for discussion.

The panel also featured Jamahl Simmons, Minister of Tourism and Economic Development, Giselle Cortes, director of international airports and commercial with JetBlue, Craig Christensen, president and CEO of Morgan’s Point, and Miguel Purroy, director of Hotelco Bermuda Holdings.

Mr Simmons said that through initiatives like the Tourism Investment Act, Government was providing the financial support to make the island competitive.

He said: “Bermuda is open for business. We are working to streamline the processes of government to give you the concierge services that you would see in industries such as reinsurance.”

The minister added that cutting the cost of doing business in Bermuda was one of Government’s “top priorities”.

Mr Simmons said: “We want economic growth, we want job creation, we want prosperity for all of our partners. We want Bermuda to have more people living, working and investing here.”

Mr Dallas told delegates that the conference was an opportunity to showcase the island.

He added: “You can’t really understand Bermuda without seeing it.”