The new owners of the Fairmont Southampton will spend more than $25 million in upgrades to the 47-year-old hotel.

Miami-based Gencom, which already owns Rosewood Tucker’s Point, said its 2017 venture into the island’s hotel business had inspired them to double down on Bermuda.

Alessandro Colantonio, Gencom’s executive vice-president acquisitions and capital markets, said: “We are really happy to be investing again in this destination.

“We couldn’t be more pleased in the community, and everyone we have been in talks with has been fantastic.

“We are happy to be a part of Bermuda and to help with the island’s long-term success and we thought this was really the right time to double down on Bermuda.”

The company spent $25 million on renovations to the Hamilton Parish Tucker’s Point resort.

Mr Colantonio said the company planned to spend even more on work at the Fairmont Southampton, the island’s largest hotel.

He added details, including the extent of the work and when it will take place, will not be announced until next year.

Mr Colantonio said: “We are still in planning on the renovations. It will be more than what we spent on Tucker’s Point, but I cannot give you a number yet.”

He added the company learnt a lot about the island from its work on Tucker’s Point, including the cost of work in Bermuda, and will take those lessons into account.

He said: “We have certainly learnt more about the occupancy patterns, the trends and what the customer wants when they come to Bermuda.

“I think these are things that we will take to heart when we look at the renovations to the Fairmont Southampton.”

Mr Colantonio added: “We know the location there and have been very positive about how it has been working with the Government and the people and the property itself.

“A lot of the things that we stated when we first made our decision to purchase Tucker’s Point still apply.”

He said the two properties targeted different sections of the market, as Tucker’s Point focused on high-end visitors and Fairmont Southampton specialised in group business.

Mr Colantonio said: “Fairmont Southampton is a really unique resort. The location, the presence it has. It’s scenic.

“One of the things we look for in a property is that iconic draw.

“The beach club alone has the potential to be among the best beach clubs in not just Bermuda, but the rest of the Caribbean market. The golf course is very well done compared to what we have seen elsewhere in the market.

“The hotel has a lot of unique assets, and the size of it is unique in the market.”

The BTA recently warned that group business is expected to be down worldwide next year because of an increased number of destinations in the market,

However, Mr Colantonio said Gencom was not concerned about “short term data”.

He added the company was confident that the hotel’s amenities and Bermuda’s special draw as a destination would protect group business in the long term.