The stark realties facing the Island’s tourism industry make further development at the Rosewood Tucker’s Point property necessary the hotel president said yesterday.Ed Trippe said he appreciated that many in the public had strong opinions about a Special Development Order granted, in principle, by the Minister of Environment.He has previously said the development is critical to the hotel’s financial viability.The company will build 78 private residences and 70 hotel rooms on the 240-acre site in three stages on several plots of land that were previously protected from development for environmental reasons. It will also go through the normal planning approval process where the public will be able to submit objections.The Minister of Environment, Walter Roban, said stringent conditions have been put in place to protect caves as well as flora and fauna on the property.A number of environmental groups have said the SDO is alarming, they noted the land contained “habitats of major significance” and caves which were “globally important”.Yesterday Mr Trippe told The Royal Gazette the hotel plays a vital role in bolstering Bermuda’s struggling tourism industry.He noted the hotel room inventory in Bermuda plummeted 50 percent between 1980 and 2010. There are currently 2,700 rooms available on the Island.“While respect for the environment is essential, this trend needs to be reversed or Bermuda’s hospitality industry and the Island’s economy may be in peril,” he said. “Without a strong tourist industry, critical airlift will be reduced and a decline in all sectors of the economy will accelerate, putting jobs at risk.”Mr Trippe said Marriott bought into the previous hotel on the property in 1982, they poured $70 million into renovations and changes.“In the end, that hotel failed because Marriott created the wrong product for Bermuda,” he said. “The market wants luxury and high quality.“Bermuda Properties Ltd. (BPL), who first invested in the Castle Harbour Hotel in 1958, brought in new Bermudian investors and lenders in 2000. A new Bermudian company was created to take over the failed Marriott hotel and develop Tucker’s Point.“Ninety-one percent of the new capital was provided by Bermudian investors and lenders.”Mr Trippe said more than $300 million was invested in the property, with 50 percent of the money coming from selling of real estate on the property.“Without this source of funds, the Tucker’s Point Hotel and Spa could not have been built, he added. “Neither BPL nor its investors and lenders have ever taken capital out of the development reinvesting in it instead.”He said that the fact that luxury hotel management company Rosewood Hotels and Resort was going to manage the hotel was a feather in Bermuda’s cap“Rosewood is among the world’s premier hotel companies and will bring recognition to Bermuda and Tucker’s Point in the highly competitive luxury segment of the global travel market,” he said. “Rosewood is eager to assume management of the hotel.”Useful websites: www.best.org.bm, www.tuckerspoint.com