in two weeks after a secret business deal was made public yesterday.

Just formed Bermuda company Paget Partners Ltd. revealed it had quietly bought the trendy bar and restaurant from Elbow Beach Hotel & Development Co. Ltd.

after beginning talks six weeks ago.

But neither parties were willing to reveal how much money changed hands.

And included in the deal was an agreement that there would be no change of name for the venue which opened as the Surf Club last year and has been shut down for the past three months because of the winter tourist lull.

Two Bermudian businessmen are behind Paget Partners -- Chamber of Commerce president and former banker Michael Smith and Stephen Martin a former guesthouse owner with long-time ties to the local tourist industry.

Mr. Smith said yesterday the "completely revamped'' Surf Club was expected to have a "low key'' opening in mid-April.

He was optimistic about the venue's future and not perturbed that some past businesses on the site had been dogged by financial woes.

"It has been completely refurbished and will look almost like a totally new venue from the inside,'' he said yesterday.

He said Paget Partnership were set to inject the venue with energy as well as practical improvements to the menu and daily, local entertainment.

"The theme of the Surf Club has been totally revised for the 1999 season with the construction of a new micro-brewery on the premises, in partnership with Brewing Services Ltd. -- a subsidiary of Bermuda Triangle Brewing Co.

"They will produce beers on site exclusively for the Surf Club, with seasonal specials throughout the year.

"The menu has been totally revised introducing a steakhouse concept. Prime cuts of beef will be prepared in a variety of ways. The Surf Club will also feature a brand new sushi bar to add diversity to the theme.

"This eclectic combination of Steakhouse and Sushi is a hot new trend in restaurants on both the east and west coasts of the United States and we are pleased to introduce it to the Island.

"Rounding out the package the Surf Club will feature two shows nightly by well known entertainer Jimmy Keys who has been a major draw to venues in Bermuda for many years.

"In addition patrons will be treated to the wonderful sound of Delletta Gellespie who rejoins the Surf Club again this year.'' Former owner Elbow Beach general manager Bill Shoaf said the resort sold the venue so it could concentrate on its core businesses but it planned to keep a marketing partnership with the Surf Club.

"Our primary goal in becoming initially involved with the Surf Club was to help address the concerns of our guests pertaining to the lack of nightlife in Bermuda.

"We are proud to have made some headway in this critical area and are confident that the new owners will take the club to an even higher level.''