approximately $800,000 to do business with the Boston-based Monitor Group.

And the overall price tag of rebuilding Bermuda's tourism industry is expected to surpass $2 million, industry sources have told The Royal Gazette .

Efforts to raise the funds are presently being spearheaded by Bank of Bermuda Vice President Cummings Zuill, and Government has pledged to match dollar-for-dollar all monies raised.

Mr. Zuill however refused to disclose the cost, telling The Royal Gazette the price would be "substantial'' and the process was still in the formative stages. He did confirm the Bank of Bermuda has been acting as a "catalyst,'' between Government and private stakeholders.

Retail and hotel industry insiders meanwhile have told The Royal Gazette they have been approached by Mr. Zuill and invited to the bank's boardroom for an information session outlining Monitor's approach. Once there participants were apprised of the costs and asked to contribute.

It is understood the private sector is attempting to raise $400,000 with Government contributing a like sum for the the first year of Monitor's service.

"To me it sounded like seed money and they made it clear it would cost much more than that,'' said one Island hotelier who asked to remain nameless.

He recalled attending the information session in December and quoted Minister of Tourism David Dodwell as telling the group, "we're talking millions here.'' The cost however is well worth it if the process helps to reverse Bermuda's tourism slump he said. "Monitor's concept was to get everyone involved, from taxi-drivers on down the line. They appeared keen on anything that would get us back to the glory days.'' One Island retailer -- wishing to remain anonymous -- said he too was contacted by Mr. Zuill soliciting funds and was told the fee to retain Monitor for one year was $800,000: "I couldn't make the presentation, and to be frank I'm `committee'd-out' -- it just goes on and on,'' he said.

A second Hamilton retailer confirmed the $800,000 figure and told The Royal Gazette : "They made it clear there was going to be additional expenses. The total was something like $2.2 million spread out over a couple of years.

"I'm of the view that something has to be done. Most of them already know what the problem is, but they don't have the testicles to do what has to be done,'' he said.

Bringing Monitor aboard would be great investment in Bermuda's future he added, because at present there appears to be no local facilitator capable of bringing all parties to the table; but the process will only work if all parties are committed to implementing Monitor's recommendations.

In Boston the Monitor Group's Joseph Babiec referred all questions to Mr.

Zuill at the Bank of Bermuda.

Department of Tourism officials, despite repeated requests for comment, refused to return The Royal Gazette's phone calls.