Hotel by the end of next month, it was revealed last night.

An executive with the New Jersey-based James Dwyer Hospitality Group told The Royal Gazette that the company was on course to close the deal by the end of next month.

Georgeann Parks, administrative vice-president of Dwyer Hospitality, said company lawyers were pressing ahead with obtaining health permits for the removal of asbestos from the 151 bedroom Warwick property.

An environmental audit has been completed which revealed asbestos and polychlorinated biphenyl (PCBs), a toxic by-product of the industrial process, she said.

The buy-out, if it goes ahead, will bring to an end an on-off saga that has lasted since the hotel closed in November 1998.

Mr. Dwyer owns the White Sands Hotel in Paget and is keen to expand his property base in Bermuda.

He has launched previous bids to buy the Belmont from owners Trust House Forte and the Sonesta Beach Resort in Southampton from Aetna Insurance.

He hopes that buying the Belmont -- thought to be for around $12 million -- will allow White Sands guests to use the golf course, which has remained open despite the hotel closure.

Mr. Dwyer lost out on a bid to buy the Belmont in 1998, when a deal was lined up to sell the hotel to Elbow Beach which later fell through.

Last year he said he was hopeful of completing the sale of the Belmont by September. That date was later put back to the end of last year.

Ms Parks told The Royal Gazette last night: "We are moving ahead with the purchase of the property and I believe that it is scheduled to close at the end of February, that's close the deal where we would be the new owners.

"There are some environmental issues -- it is an old building and there is asbestos and PCBs -- but I believe that between Mr. Dwyer, our attorneys in Bermuda and Trust House Forte, they have worked out the details.

"They had conversations over the weekend and they have all the details worked out so that we can move ahead.

"The property is old and there were some issues of asbestos and PCBs but they've discussed it and we've had an environmental audit done and we are moving ahead with the necessary permits from the Health Department in Bermuda so that we can go ahead with the renovation when the purchase closes.'' Mr. Dwyer said last year that the main hotel building at the Belmont would stay but villas would be built on the grounds using existing plans.

Belmont sale goes ahead Last July, he said he wanted to sell around 150 units at Belmont and 200 rooms at Sonesta to speculators who would get a rate of return on bed nights sold.

When asked last night if Mr. Dwyer still planned to renovate the property or to demolish it first, Ms Parks said she was not clear.

Nor did she know what the proposed opening date would be.

"The original plan was refurbishment, but we will have to evaluate to see if it can be done and the cost comparison to renovate and start from scratch. I don't know what Mr. Dwyer plans to do there,'' she said.

"He really likes the property and the location and he has wanted to own more property in Bermuda.

"He is is an avid golfer and the Belmont is beautiful. We own White Sands and it would be beneficial to offer golf to our guests at White Sands.'' Ms Parks said she did not know if there had been any developments in Mr.

Dwyer's plans to buy Sonesta, which has been on the market for seven years.

In September last year Sonesta owners Aetna Insurance announced they had broken off talks with Mr. Dwyer.

The Dwyer Hospitality Group has three hotels and a commercial condominium complex in New Jersey, and has purchased two hotels in Philadelphia.