Critics claimed Government failed to do its part to prevent the receivership of Newstead Belmont Hills Golf Resort and Spa.However Government said they remain confident in the tourism product and have been assured no jobs will be lost.On Monday Butterfield Bank announced it had recalled a multi-million-dollar loan from the owners of the luxury private property. International audit firm Ernst and Young were appointed receivers and managers of the property. The firm will manage the day-to-day operations with the view to sell it as a going concern.Politicians and industry insiders said the Department of Tourism's poor marketing campaigns and a lack of foresight over fractional unit taxes meant the ‘build it and they will come' model failed.Last night, Minster of Tourism Patrice Minors, who was in Jamaica attending an industry conference, said she was still confident in the Island's tourism product.She added: “I want to assure residents that we are monitoring the developments with the property very closely and are cautiously optimistic that some form of resolution can be reached which will benefit all concerned.”And Premier Paula Cox said the issue had Government's attention.Their main concerns were if the hotel would stay open and people would keep their jobs.“From the discussions with the receiver, that is the intent and I was assured that redundancies are not being contemplated,” she addedBut United Bermuda Party tourism spokesman Cole Simons said the receivership of the Bermudian owned operation cast doubt on the Island's tourism viability.“It raises concerns about other hotel properties and the bank's own obligations,” he said. “And it makes us wonder whether the Government has marched Bermuda to the brink of tourism collapse.“There is plenty of blame to go around for this sad situation, but there is no doubt the Government's failure to make tourism work lies at the bottom of it.”Mr Simons said he believed the Department of Tourism's “inability” to get a sufficient number of air visitors on the Island was one factor in the Newstead Belmont receivership.The other, he believed, was their slowness to reduce purchase tax on fractional units. The House of Assembly significantly reduced the tax late last year “as a matter of urgency” according to Government Minster Zane DeSilva.Yesterday Mr Simons said: “High tax rates for the purchase of these units significantly higher than competing jurisdictions reflect the Government's subordination of market realities to cover its own out-of-control spending.“Developers had been pushing Government for purchase tax relief for years, but there was no relief and then not enough until 2010 when the market had effectively collapsed.”An industry source echoed Mr Simon's comments and said the length of the negotiations between Newstead Belmont owner Kevin Petty and the bank 18 months illustrated that both hoped the Department of Tourism would be able to turn around falling arrivals figures.In 2009 Bermuda recorded it's lowest air arrivals in recent history with just 235,000 visitors flying to the Island. Approximately ten percent of those stayed at private homes. By the third quarter of 2010 the last Government statistics available the figure was lagging by 1.06 percent, or approximately 2,000 guests compared to the first three quarters of 2009.Bermuda Democratic Alliance leader Craig Cannonier said the announcement about Newstead Belmont receivership was “certainly not reflective of a platinum period in tourism.” Former Premier Ewart Brown said Bermuda was entering a platinum period of tourism for the past three years.Mr Cannonier said the current Premier should be doing more to assure people, locally and abroad, about Bermuda's “faltering” economy.He added that Bermuda should not have to wait until the national Budget, which takes place in mid-February, to know what is happening.“Silence leads to speculation which leads to uncertainty,” he said. “We should be doing everything in our power to give assurances to our international business and tourism partners that Bermuda wants them.“We should do what it takes to ensure the survival of these pillars of our economy.”In 2008 Newstead Belmont was the first hotel to open after major redevelopment in 30 years.It is the third property in six months to go into receivership. The first was Pink Beach Club in July last year, followed by the former Sonesta/Wyndham property late last year. The receivers for Pink Beach would not comment when asked if the property is for sale. International hotel brokers Jones Lang LaSalle are seeking a buyer for the Sonesta/Wyndham property.