The bids are in to manage the new development of the former Club Med hotel property in St. George's.

Quorum Group chief executive officer and consortium leader Wanda Dorosz told that there was now a shortlist of two experienced hotel groups.

Ms Dorosz said The Island Resort Collection ? one of whose partners is Shadow Tourism Minister David Dodwell ? and Four Seasons Hotels and Resorts are the two favourites at the moment to manage the cultural centre.

She said that she was excited about the project and was pleased with the Bermuda Government.

Ms Dorosz, of the The St. George's Renaissance Consortium, said that within the six month exclusivity deal they were hammering out plans for the complex.

The developers have promised that the empty Club Med site will have a new hotel, piazza-style colony housing and will attract year-round world-class cultural events.

The group is planning to demolish the Club Med building and replace it with a hotel of at least 90 bedrooms, plus a cottage complex of 90 condominiums designed in a European style with public squares and fountains.

The consortium plans to use an underground theatre in the building which can seat about 450 to 500 people, and to use a smaller disco at nearby Fort Victoria for smaller cultural events.

On Monday, Minister of Tourism Ren?e Webb who was in London, said that the contract was awarded several months ago, but she could not speak to its progress.

Four Seasons Hotels and Resorts, media relations manager, Aynsley Wintrip on Monday, said it had nothing to report at present.

"As you might imagine, our development team at Four Seasons is constantly seeking new opportunities in various parts of the world," said Mr. Wintrip.

"While Bermuda is an excellent destination, we don't have anything to announce at this time."

David Dodwell, one of three partners in The Island Resort Collection, said with regard to management of the hotel portion of the project "nothing has been concluded as yet and it is ongoing".