subsidiary companies to manage and operate different parts of the project.

Peter Parker, general manager of developers Bermuda Properties Ltd., said around seven companies will be set up.

Separate companies will run the new hotel, the golf, tennis and beach club, and the four different residential clusters.

The different elements will buy services such as the housekeeping and drinks and beverages from the prestigious Rosewood hotels group.

Mr. Parker said it was common corporate practice to segregate the different parts of the development so that investors and lenders were dealing with distinct individual companies.

This would ensure that if, for example, the golf club was not a success, investors who had bought residential property would not be affected.

Bermuda Properties Ltd. published two incorporation notices yesterday for TPC Hotels Ltd., and TPC Resorts Ltd..

Mr. Parker said: "A lot of these operations will have separate financing and lenders and they like to have separate securities and separate corporate structures.

"We will be applying for a series of sub-division approvals.'' The various companies will be sub-divisions of Castle Harbour Ltd., a subsidiary of Bermuda Properties Ltd..