The owners of the 37-acre Southlands estate claim it is unfair that they have been asked by Government to get financing in place before their land can be swapped for 80 acres at Morgan's Point. They point to the fact that overseas hotel developer Carl Bazarian was granted a lease on the former Club Med site before he had full financing. Below, we look at the history of both projects.

Park Hyatt, St. George's

l Mr. Bazarian said on April 2, 2008, shortly before signing a lease with Government for the former Club Med site in St. George's, that once the master development agreement and lease was in place he was very confident of concluding a deal with two major banks.

"I have never failed in raising financing in the Caribbean, Central America or Latin America," he said. The lease was signed later that day.

• On April 21, 2009, Mr. Bazarian gave an update: "A significant part of the equity is in place — all the debt capital. But it is a tough capital market right now and I would not represent it as 100 percent [financing in place]."

• Mr. Bazarian said on August 5, 2009, that he expected to sign a financing agreement with HSBC for the Park Hyatt-managed resort any day now.

"We are now prepared to sign a term sheet," he said, adding that the bank would provide long-term hotel project financing of about $120 million.

• On January 7, 2010, Mr. Bazarian said he now had full funding in place and should be able to break ground before the end of the year.

Morgan's Point, Southampton

l Government and Southlands Ltd. signed a land swap agreement on April 2, 2008 — an exchange that to this day has not been legally completed.

• The Royal Gazette reported on March 16, 2009: "Industry sources say much-touted plans for a Jumeirah resort and Morgan's Point land swap deal have 'gone cold' as developers Southlands Ltd. struggle to secure financing for the multi-million dollar project."

We quoted Southlands director Craig Christensen as saying the company was actively seeking financing for a resort at Morgan's Point. "It's absolutely going ahead. It's a significant development."

• On February 7, 2010, Southlands Ltd. lawyer Kim White told a planning tribunal that his clients had been waiting two years for the land swap to take place and were "in limbo".

• On February 15, 2010, the three Southlands directors wrote to the Premier: "You required that we provide proof of financing for a plan yet to be approved. On December 3, 2009, our development partner produced a letter in respect of equity financing which, according to your consultant...is the hardest part of the financing to obtain."

They added: "Southlands Ltd. now requests that the Bermuda Government conclude the land swap without further delay."