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UBP seeks update on Park Hyatt Resort project

The United Bermuda Party has questioned Government’s handling of the Park Hyatt Resort project following a lack of updates.In a recent statement, a party spokesman said: “The Town of St George’s suffered with the demise of cruise ship traffic, and the promises made by this government with the Bazarian deal, and its promised new hotel, have not materialised.“How this government can stand before its own people and celebrate the promises of this deal on one hand, and then remain silent when asked to explain why those promises have not been met, begs explanation.”The resort project, first announced in 2007 was expected to be completed in 2011.However more than four years after the project’s unveiling, construction work has yet to begin.In March, it was revealed that Developer Carl Bazarian and the Ministry of Tourism were in talks about proposed amendments to the lease.During a public meeting on Thursday evening at Penno’s Wharf, several members of the public asked for an update on the hotel project, and about the conditions of the lease.Government MP Dame Jennifer Smith said that the Minister of Tourism is planning to host a meeting in the town in July.UBP MP Kim Swan told the audience that, based on the responses to parliamentary questions, the construction period of the hotel was not to exceed 48 months from the demolition of the old resort.In a press statement released following the meeting the UBP said: “That the developers for the new Park Hyatt Hotel — supposedly to be built on the site of the former Holiday Inn in St George's, are seeking to have changes made to their lease terms should come as no surprise.“The original lease stipulated that groundbreaking should have commenced, it has not. Original promises stated that the developer was ready to start, that financing was in place and additional funding was forthcoming from both Park Hyatt, the operators, and HSBC.”They said that while Bermuda demolished the existing hotel and club house and closed the St George’s Golf Course, construction on the site has yet to begin.The party questioned why the golf course has not been reopened as previously requested by the party, saying: “Jobs, as well as sources of revenue generation where lost. And for what?”They further asked what financing for the project is in place, why the groundbreaking has not taken place and what the terms are included in the Master Development Agreement.“Bermuda gave up a substantial amount of real estate, for a substantial amount of time, to make this project happen, as Bermudians were told, quickly,” the statement said.“Tourism Minister [Wayne] Furbert needs to clearly and concisely explain to the Bermudian public, and in particular the residents of St George’s, where this project stands. And he needs to do it soon.“As the representative of this island, the Minister should make known what amendments to the lease are being sought by the developer.“The Minister should also know, and make public, that if indeed Mr Bazarian is still committed to this project as the Minister has said, why hasn’t the developer broken ground after 48 months.“It’s a shame when you can’t seem to control your own destiny, and you can’t depend on others whom you entrust it with either.”The Park Hyatt project was expected to be completed by Spring of 2011 at a cost of $294 million, featuring 100 rooms and suits, 140 condos and 40 fractional ownership units.The Club Med building was imploded in August of 2008, and Mr Bazarian said in 2009 that he hoped construction would begin in fall of that year.In October of 2010, Premier Ewart Brown announced that funding for the resort was in place.Early plans for the report were submitted in September 2010, and revised plans were approved in Summer 2011 despite numerous letters of complaint from the public.