A multi-million dollar deal for the sale of the Sonesta Beach Resort is close to being signed.

Negotiations are underway for the 400-room South Shore, Southampton property with owners Aetna International -- and it is understood that the US operator of the White Sands Hotel, James. M. Dwyer, may be the mystery buyer.

Last night, neither James M. Dwyer, of James M. Dwyer Real Estate Investment and Development, or Sonesta vice president Dennis Tucker would comment on the nature of the deal.

But Mr. Tucker did said: "The Sonesta has been for sale for the last few years. Aetna are in discussion with a potential buyer but we are not able to confirm anything further at this stage.'' When asked about any involvement his company may have in the deal, Mr. Dwyer said: "We are very interested in Bermuda and in any other hotel assets that might be available.

Sonesta deal said to be in `due diligence' stage "We are very positive about Bermuda.'' Although there have been sale negotiations for the Sonesta in the past, it is understood this time an agreement has been reached and both parties are in the due diligence stage.

An announcement on the likely closing of the deal is expected to be made in the next few weeks.

Mr. Dwyer, who bought the White Sands hotel in Paget last May, has always signalled his intention to increase his empire in Bermuda.

His company already owns real estate in the US, including hotels, and one of his businesses is in mortgages and finance.

Last year he missed out on a chance to buy closed West End cottage colony Lantana, which still remains on the market.

Just last December he stated that he was "aggressively'' looking for other opportunities on the Island.

Aetna first put the Sonesta on the market in 1993. Over $30 million has been spent on refurbishment in the last five years.

Sonesta, who have been managing the property for the last 40 years, launched an unsuccessful bid to buy the resort in 1994.

The 25-acre hotel employs more than 400 people at its hotel, spa, conference facilities and three beaches. It also has tennis courts, swimming pools and has become a popular spot for weddings.