A boutique hotel and golf course resort in Bermuda has been put on the market for $21 million.

The Newstead Belmont Hills Golf Resort & Spa was bought in 2014 by US businessman Larry Doyle, who also owns the Lantana property.

At the time, Mr Doyle told The Royal Gazette: “We are very bullish about Bermuda.” He declined to discuss the price of the twin properties ― but it was understood it could have been as high as $18 million.

The combined property has been advertised for sale internationally through the Leisure Investment Properties Group, which said the resort was “considered one of the premier boutique luxury hotel options in Bermuda”.

It said the sale included “a fully operational 60-key hospitality component, 67 fractional ownership units available for sale, which equate to a value of nearly $10 million based on the listing price and an 18-hole championship golf course”.

The LIPG listing added: “Amenities include an idyllic setting overlooking Hamilton Harbour, two award-winning restaurants in Blu Bar and Grill and Aurora Ocean; resort infinity pool; luxury spa; water ferry service to and from the City of Hamilton; two lighted tennis courts; and a fully renovated fitness centre.

“Quarterly maintenance fees account for $1.9 million in revenue, room rental revenue an additional $4.45 million in revenue, the golf course accounts for $1.5 million in revenue, and lease income from the restaurants, spa, and cottage rental accounts for $400,000 in revenue.”

A sales brochure added: “Belmont Hills Golf Club is home to one of the most valuable plots of land on the entire island, in one of its most desirable neighbourhoods.

“The property's waterfront location (particularly the 18th hole) provides a prime position for the construction of high-value residences, allowing for the generation of significant returns on investment.

“The development of new housing units can address the issue of housing shortages while attracting potential buyers looking for premium waterfront residences, and only 2,000 of the approximate 13,150 acres on the island can be owned by foreigners, implying a significant competitive supply advantage.”

Lisa Outerbridge, of realtors Keller Williams, the local agents for the property, stressed that the brochure had been put together for potential overseas buyers and that any development would depend on planning permission.

She added that there were also other lots that could be identified for sale.

“Mr Doyle is very keen on Bermuda and has taken the property from a losing position to making a profit, which is a good thing for tourism on the island,” said Ms Outerbridge.

“There are a couple of interested buyers locally and some from overseas,” she added.

Terence Vanek, of LIPG, said there had been a lot of interest in the property, mainly from the US.

He said it was normal practice to highlight potential development opportunities but that no one had expressed interest in developing part of the golf course which, said Mr Vanek, they saw as an asset.

“It is a great opportunity to take advantage of a great property at a great time,” added Mr Vanek.

When Mr Doyle bought the property it ended uncertainty over the Newstead and Belmont sites, which had been in receivership.

At the time, he said he planned to concentrate on the Newstead, in Paget, and Belmont, in Warwick, before tackling the Lantana property.

Mr Doyle put Lantana, which he bought in 2008, on the market in 2015 for $16.9 million and it remains for sale.

At one point the real estate developer discussed a combined operation involving a developed Lantana property and Belmont/Newstead.

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• To read the sales brochure, see Related Media