The long term future of the Marriott Castle Harbour Hotel looked slightly more secure last night -- after it was revealed that a massive multi-national company plans to invest in the resort.

And the hotel could be operating as a five-star top of the range facility by the start of the 2002 season if negotiations between the hotel's owners and Minneapolis-based Regent International go smoothly.

The news will come as some comfort to the 300 workers who will lose their jobs in November. On Tuesday Castle Harbour bosses confirmed that the resort will be closing at the end of the season but also hinted that a redevelopment plan could be in the pipeline.

Operating under the Carlson Company Incorporated umbrella, Regent International manages about a dozen five-star hotels across the globe, including Las Vegas, Beverley Hills, Sidney and Hong Kong.

The parent company also runs a cruise liner company operating out of Florida, the TGI Friday's chain of restaurants and another hotel chain.

But Regent International is the jewel in the company's crown, catering to the luxury market.

Last night details of Regent International's involvement in Castle Harbour were being kept under wraps.

But one company boss did confirm that, if an agreement can be thrashed out, Castle Harbour will be "in the same category'' as the company's other prestigious resorts.

Regent International Vice President of Sales and Marketing Paulette Good said: "There's nothing definite or signed at this moment. We have agreed to a letter of intent and are now involved in negotiations.

Interest in Castle Harbour "But these things take a long time. We would love to be involved in the Island -- Bermuda is a fantastic place and everyone would love to have a property there.

"There's nothing else I can say at the moment while negotiations are ongoing.'' Peter Parker of Bermuda Properties Ltd, the company that owns the resort, was remaining even more tight-lipped.

"No comment'' was all he would say when asked by The Royal Gazette to confirm the news.

It is understood that both sides hope to sign an agreement by the end of next month. This will allow building work to begin as soon as the resort shuts down in November and, with building work expected to last between 12 and 18 months, the top of the range resort could be up and running for the start of the 2002 season.