again.

The announcement came yesterday from US insurance giant Aetna Inc. which owns the Sonesta Beach Resort in Southampton.

Aetna's investment officer Jim Bonner said he was very positive on the future outlook of the Island's hotel industry.

He added: "We're also finding the capital markets in the US and worldwide are very favourable right now for the sale of hotels.'' Sonesta International Hotels Corporation, which operates the property for Aetna, has made an offer to purchase the resort.

Aetna has not released an asking price for the property.

Sonesta vice-president and general manager Dennis Tucker declined to comment on the subject.

However Sonesta's executive vice president Jacqueline Sonnabend said: "We understand that Aetna wants to market this property to a wide number of potential buyers and will sell the resort for the most attractive offer.

"If we are not selected as the buyer, we are interested in continuing to manage the property, if the new owner is so inclined.'' Sonesta offered to buy the hotel when it was last put on the market in 1993 but its offer was rejected a year later.

Ms Sonnabend added: "Sonesta will maintain its continued commitment as an advocate to our employees and to look out for their best interests.'' Bermuda Industrial Union president Derrick Burgess said his concern lay with the staff because when properties changed hands there was a movement of employees sometimes.

He said he had been reassured that the hotel would continue to be run in the same fashion as it was now.

Tourism Director Gary Phillips said the move did not "come as any great surprise''.

Aetna was not in hotel business, he continued, although based on what he had seen, it had cared for the property well and invested in it.

It appeared the business environment was fertile so the time was right to make the effort to sell the property.

Mr. Phillips added that the timing of the announcement said something positive about what Aetna thought about the Bermudian marketplace.

It had a good property and obviously felt there was an investor out there who would want to invest in Bermuda.

The 25-acre Sonesta Beach Resort employs 420 people and recently received a multi-million dollar facelift.

It is a full service property with four restaurants, entertainment, water sports, Just Us Kids children's programme, European health and beauty spa, shopping gallery, tennis and convention facilities.

Boston-based Sonesta operates a collection of 18 upscale hotels and resorts.