Funding for the Fairmont Southampton hotel and beach club renovation is in place, while the rest of the project is not yet fully financed, the developer said in a statement.

Westend Properties noted that the project has two parts — the renovation of the existing hotel and beach club and the construction of new tourism and residential units under a special development order — and that the former is “fully funded”.

“We would like to reiterate and confirm that the renovation of the hotel and beach club is fully funded,” the statement read.

No details of the funding were provided. The statement also noted that the tourism and residential units, covered by the SDO, are not yet fully funded.

“The construction of the SDO units will not begin until the hotel renovation is complete.

“The funding for that part of the project relies on presales of the units.

“Since those presales haven’t started, the SDO portion of the redevelopment is not yet fully funded,“ the company said in the statement.