A shuttered South Shore hotel is under new ownership, with plans for a “comprehensive redevelopment” in the pipeline, it was reported yesterday.

An article on PR Newswire said that the Loren Group had announced its acquisition of the Elbow Beach Hotel and the Fritholme Garden Residences, bolstering its investment in the island.

Stephen King, the chief executive and founder of The Loren Group, said that the acquisition was a testament to its dedication to Bermuda.

“We are honoured to take ownership of the historic Elbow Beach Resort, a property that holds a special place in Bermuda's rich cultural and hospitality heritage,“ Mr King said.

“Our vision is to rejuvenate this esteemed property, blending its storied past with The Loren's signature style to create an unparalleled destination for both locals and visitors.

“This deal is a testament to our dedication to Bermuda and the opportunity we see for continued growth as a luxury hospitality brand.

“We would like to thank all those involved in the transaction including Butterfield Bank, EY, Rego Sotheby's International Realty and the Government of Bermuda, and look to many more years of doing business in Bermuda.”

The company said that The Loren Group planned to launch a “comprehensive redevelopment” of the Elbow Beach property, which closed its doors in 2020.

It promised a “world-class mix of luxury real estate, an expansion of the Loren hotel, restaurants, member and wellness facilities”.

It added: “In addition to providing new opportunities for ownership in Bermuda, this new project will create significant employment opportunities to support the local economy.

“The Loren Elbow Beach will participate in the brand's Roots Initiative, a programme designed to capture carbon through biodiverse reafforestation.”

The hotel closed in early 2020 because of the Covid-19 pandemic but was expected to reopen in 2021.

However, it remained shuttered and in 2022 it was confirmed that owner Saudi Prince Khaled bin Sultan bin Abdullaziz Al Saud was in negotiations with a potential buyer.

The resort went into liquidation in October 2023 amid claims that it was massively in debt. By that time, the main hotel building was understood to be in a state of disrepair after being left empty.

In May last year, the property was put on the market again, with Rego Sotheby’s, hopeful that the 44-acre site would be sold by the end of 2024 after a bidding process.

The last word about the fate of the Elbow Beach Hotel came towards the end of last year when Zane DeSilva, at the time a Progressive Labour Party backbencher, told the House of Assembly that Mr King had purchased the property, although the deal was not confirmed at the time by either representatives for Mr King or the estate agent handling the sale.

Mr King, a British-born New Yorker and the founder of the Loren Hotel Group, purchased property on the site of the former Pink Beach Club in Smith’s Parish in 2014.

That resort — The Loren at Pink Beach — opened in 2017.

The group owns another hotel in Austin, Texas, and is developing a third resort in Turks & Caicos, expected to open next year.

A page on The Loren’s website highlighted that the brand was “coming soon to Elbow Beach” and invited visitors to register for updates.