The Green family has said it will invest an extra $1 million to renovate the Fairmont Hamilton Princess in the wake of the announcement that Bermuda will host the 2017 America’s Cup.

A statement released this afternoon revealed that the money would go towards renovating two penthouse suites at the hotel.

Alexander Green, on behalf of the family, said: “We would like to congratulate the Government on securing this event for Bermuda.

“We are incredibly excited about the opportunity that such a high-profile event brings to the Island both in terms of exposure and additional visitors. It is the most competitive sailing race in the world and is followed internationally by millions of fans.”

Andrew Green added: “The Fairmont Hamilton Princess has already seen a strong demand for rooms for the America’s Cup World Series next October.

“As a result of this interest, we are pleased to increase our hotel renovations budget by $1 million so that the penthouse suites will be ready to host guests visiting for America’s Cup and beyond.”