The man hoping to buy Sonesta Beach Hotel said he is confident the Southampton property can take its place once again as one of the Island's top resorts.

In his first interview, American businessman Clifford Schorer told The Royal Gazette he planned to complete the sale by January 15 and then refurbish all 400 rooms.

Mr. Schorer said the sale and upgrade - thought to be worth around $40 million - will go ahead if planning permission and a special development order are granted by Government.

The Boston-based businessman has applied to incorporate as a Bermuda company, Southampton Beach Resort Ltd., and his eight-year development plan for the site includes construction of 43 three-bedroom condominiums near the existing tennis courts and 22 two-bedroom houses for rent to management and members of the public.

The $8 million upgrade will also see an improvement in the resort's sewage and water system, and the spa will be given a make-over and moved to the front of the building.

Mr. Schorer said the hotel's owners Aetna Life Insurance, which acquired the site when it foreclosed on a mortgage 11 years ago, had been reluctant owners.

"For the last 11 years, the hotel has been operating in a state of limbo where Aetna has had ownership, but unhappy ownership, where we've seen the potential of the property slip," Mr. Schorer told The Royal Gazette.

"The hotel needs a lot of work. It is still prime for redevelopment and it could really be sold (to tourists) as offering a premium experience for people looking for something a little different among the Island's bigger hotels.

"We are clearly in recessionary times for tourism, but this is a good time to take advantage of this marketplace and turn around a property that has a lot of potential.

"The group I have assembled around me (some Bermudian partners and others from New England) are very good at doing that.

"The economy is in jitters with the American public wary of travelling, but when we come out of this recession in late 2003, I've great confidence that Bermuda will be a phenomenal destination and the proximity to the east coast will make it a fantastic place to go. For the east coast supply market, there is nothing better."

Mr. Schorer said he intends keeping the same staff and for the hotel to continue to be managed by Sonesta.

The hotel will also remain open while the refurbishments continue, although some wings may be closed while work is being carried out.

Mr. Schorer has run the Bottom Line Exchange company, a liquidator of corporate assets, since 1984.

He said his company specialises in turning around struggling businesses and offering financial solutions for companies in trouble, particularly dot-coms and midsize companies.

He said he had also been in real estate for 12 years and owned some business hotels in New England.

His company had just finished building a business park in Marlborough, Massachusetts, and was building affordable housing in Nantucket.

Mr. Schorer told The Royal Gazette there had been some objections to his plans for Sonesta from local residents.

One concern was that there may be too much noise when the beachfront restaurant at Sinky Bay is upgraded and from the rental units.

Mr. Schorer will be in Bermuda today to meet residents, and he said he was prepared to amend plans if necessary

"We've have certain aspects of concern and we are meeting these folks and will go over the points to find a resolution, and we are open to change the plans to accommodate their needs."

Mr. Schorer said construction of the condominiums would not begin until 2006 and first priority would be upgrading the hotel.