The main building of the historic Elbow Beach Hotel in Paget, which has stood vacant since the resort's closure in early 2020, is poised for major redevelopment under its new ownership by The Loren Group. While specific plans have not yet been disclosed, a hotel management report of a “comprehensive redevelopment” suggests substantial changes ahead. ​

The main hotel structure, dating back to 1908, has been a central feature of the property for more than a century. It closed in early 2020 because of the Covid-19 pandemic but was expected to reopen in 2021. However, it remained shuttered and in 2022 it was confirmed that the owner, Prince Khaled bin Sultan bin Abdullaziz Al Saud of Saudi Arabia, was in negotiations with a potential buyer.

By the time the resort went into liquidation in October 2023, the building was reported to be in a state of disrepair after sitting empty for several years. ​

"We are honoured to take ownership of the historic Elbow Beach Resort, a property that holds a special place in Bermuda's rich cultural and hospitality heritage. Our vision is to rejuvenate this esteemed property, blending its storied past with The Loren's signature style to create an unparalleled destination for both locals and visitors," said Stephen King, founder and chief executive of The Loren Group, in a statement. "This deal is a testament to our dedication to Bermuda and the opportunity we see for continued growth as a luxury hospitality brand.”

The Loren Group, known for its luxury developments including The Loren at Pink Beach, said the new development is expected to include hotel accommodations, private residences, restaurants and wellness facilities, Hotels Magazine reported. The group also acquired the Fritholme Garden Residences at the same location.