One of the world's most prestigious hotel chains, the Four Seasons have submitted a formal letter of intent in running the new hotel slated to take over the Par-La-Ville car park.

A lease from the Corporation of Hamilton is the final formality developers of the $100 million hotel await in order to advance their plans for the site.

And talks between the developer and the Corporation look promising and construction work could begin by the fall.

Secretary of the Corporation of Hamilton, Roger Sherratt, agreed that talks were progressing well but stressed that although a lease had been drawn up, the Corporation needed to be certain of the financing before signing it.

Developer Glynn Shouldice, of TG International Investments Ltd., confirmed that full financing was in order.

"We have secured Union Bank of Switzerland as the qualifying agent,'' he said yesterday.

"And we have had extensive discussions with contractors as to cost, extensive discussions with the Government and with Four Seasons to manage and brand the hotel,'' he continued.

"There is only one condition we have left to fulfil and that is to obtain a ground lease from the Corporation of Hamilton.'' Mr. Shouldice, guardedly optimistic on the development, said he had to satisfy the Corporation that the financiers would not pull out of the project before it was fully completed.

"We went back to the bank and secured AAA financing,'' he said. "We have irrevocable bank transfers from Union Bank of Switzerland.'' But although 100 percent financing assured for the luxury hotel project, Mr.

Shouldice was still cautious. "I would say this project is 99 percent certain,'' he said , "and it would be fantastic for the country but of course it is not a go until all the parties come to the table and sign on the dotted line.'' "It is extremely important to the country not to get their hopes up.'' Plans for the $100 million dollar project were approved by the Department of Planning over two years ago and have since been resubmitted and sanctioned a second time.

They include 140 executive suites and 19 apartments on seven storeys.

During construction the 225 parking bays currently at the site will be lost.

"There is some room left on the top level of the Bulls Head car park,'' Mr.

Sherratt said. "About 175 spaces are vacant there each day.'' But Mr. Sherratt also noted that a multi-storey car park included in the plans will be completed first.

The developer has agreed to provide parking "equivalent to'' that already existing at the site, which the corporation will manage. But the plans also include extra parking to accommodate, hotel staff, condo and hotel occupants and delivery vehicles.

Roger Sherratt HAMILTON HAM BUSINESS BUC Construction work on a new City hotel should begin by the autumn if talks between developers and the Corporation of Hamilton bear fruit. Cathy Stovell reports.