announced yesterday.

The 151-bedroom Warwick property, which includes a golf course, has been closed since November, 1998.

New York-based real estate investment bankers the Greenwich Group International, which represents owners Forte Hotels, confirmed the deal yesterday.

Greenwich managing director Mike Ryan said he could not disclose the identity of the new buyers until next week.

He told The Royal Gazette : "We have agreed to sell to a local business group and expect to make an announcement next week. We are very encouraged.'' The deal will bring to an end the lengthy saga as Forte has tried to sell the hotel.

New Jersey-based property developer James Dwyer, who owns the White Sands Hotel in Paget, courted Forte on and off for more than two years without putting pen to paper to buy the Belmont.

Tourism Minister David Allen said: "I am aware that they are very close to committing to a sale.

"The intriguing thing was that even after James Dwyer was no longer in negotiations, there were at least two entities negotiating to buy the property. That is an endorsement of the Hotel Concessions Act. Developers believe tourism has a future in Bermuda.'' Mr. Allen said that depending on the ownership structure of the buyers, any deal would require approval from the Finance and Tourism Ministries and the Development Applications Board for any construction.