luxury hotel for business travellers because it will provide employment and needed investment for the Island.

And serious thought should be given to the 60-40 rule to ensure that it does not impede future investment.

David Rowntree, president of the Bermuda Chamber of Commerce made these statements during an interview with The Royal Gazette yesterday after a story in Thursday's edition outlined the plans for a new hotel.

Currently, Corporation of Hamilton chiefs are negotiating with a firm called TG International Investments Ltd. who want to transform the Par-La-Ville car park into a world class hotel that would cater primarily to business visitors.

TG International, an exempt corporation and financial company, will pay for the full cost of the development which is estimated to be some $60 million.

Mr. Rowntree said:"I think its great. (Par-La-Ville Road) is a location that would suit the businessman.

"The calibre of the individuals who are coming into Bermuda now is getting higher and higher and they are demanding this type of facility and an ease and access to places to do their business.

"With the kinds of services that they want to give to these businessmen, it bodes well for us if we can provide it.'' Mr. Rowntree said that the chamber supported the idea wholeheartedly because of the positive effect it will have on employment.

Furthermore, he said the investment of millions of dollars into the island was another positive aspect which sweetened the deal considerably.

The development is at a very early stage and planners hope that the new complex will consist of 140 executive suites and 20 condominiums.

There will also be conference rooms available for business meetings as well as leisure facilities such as tennis courts and a swimming pool.

Negotiations for the hotel are still underway and a contracts has not been signed.

However if a suitable design can be approved and a lease agreement signed, building could begin next year and the structure could be ready by the year 2000.

Mr. Rowntree meanwhile, said that it was time to give the 60-40 rule -- which requires that all companies are 60 percent Bermudian owned -- a sober second look to make sure it does not block any future foreign investment.

"When it comes to attracting investment into Bermuda we need to do more,'' he continued. "Bermuda needs those investments.'' "We as a country have come to a stage where we need to seriously look at that.'' But he cautioned: "As a country we need to ensure that we can provide the service at the calibre that they want it.

"If we can improve our standard of service and the product that they are looking for, then they will continue to invest in this country.

"...we as Bermudians need to rally around a central point of some sort, sing in unison and come together as a people and encourage this type of thing.'' TRAPS SEIZED FHP Traps seized Some commercial lobster fishermen are modifying their Government issue lobster traps and have been caught in the act.

And the offending traps have been seized and confiscated because they contravene restrictions against changes being made to the traps.

Environment Minister John Irving Pearman in a prepared statement, said that he had authorised fisheries wardens to haul and check commercial lobster traps.

Subsequently, it was discovered that the modified traps had the escape hatches set to a smaller size which could snag smaller reef fish as well as undersized lobsters.

And it is this practice that has invoked the ire of the Environment Minister who said that he is prepared to take action against persons who do not follow the regulations.

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