Deal Signed for New Park Hyatt Resort in Bermuda

HAMILTON, Bermuda – The Global Hyatt Corporation and Bazarian International subsidiary Addax Holdings presented a signed management agreement to the Premier of Bermuda on Tuesday, December 16 that will bring a Park Hyatt resort to the former Club Med site in St. George’s. The agreement was signed at a press event at the Cabinet Office.

Premier Dr. Ewart F. Brown, Minister of Tourism and Transport, said, “This northeast corner of Bermuda is a scenic and historic gem and the introduction of Park Hyatt will make our gem sparkle like never before.

“We expect this exciting new partnership with Global Hyatt and Bazarian International will be a catalyst for renewed interest in Bermuda Tourism around the world.”

Rakesh Sarna, Chief Operating Officer of the Global Hyatt Corporation, signed the management agreement on behalf of Park Hyatt. He said: “We are proud to be associated with incredible global brands like Bazarian, Faldo and Bermuda. Park Hyatt looks forward to bringing a new level of luxury and elegance to the island.”

The new Park Hyatt Bermuda agreement is viewed as a vote of confidence in the country’s Tourism product. The new resort is slated to open in 2012, developed by internationally acclaimed hotel developer Carl Bazarian.

Mr. Bazarian said, “The Park Hyatt luxury resort and Nick Faldo Golf Course will be the catalyst for Bermuda to achieve its rightful status as a luxury destination in North America and the Caribbean. Our investment in the heritage and history of St. George’s is an investment in Bermuda Tourism.”

The St. George’s Golf Course adjacent to the Park Hyatt will undergo a major re-design and renovation under the direction of famed golfer Nick Faldo and his company Faldo Design.

Developer Carl Bazarian of Bazarian International (far right) signs the Park Hyatt Bermuda management agreement with C.O.O of the Global Hyatt Corporation Rakesh Sarna as Premier Dr. Ewart Brown (seated), golf course designer Nick Faldo and Works and Engineering Minister Derrick Burgess observe.

Park Hyatt Bermuda will offer an intimate 100-room hotel, 111 Park Hyatt Residences, and approximately 30 branded Hyatt fractional ownership units, all featuring the contemporary architectural design and modern residential interiors for which the Park Hyatt brand is recognized around the world.

The Park Hyatt resort will also include four unique food and beverage venues, including a Tea Room, a 14,000 square-foot Hyatt Pure spa and fitness center, a private beach club, two swimming pools, tennis courts, and nearly 4,000 square feet of meeting and function space.

With convenient access to L.F. Wade International Airport, Park Hyatt Bermuda will be an exclusive hilltop retreat overlooking St. Catherine’s Beach offering its guests close proximity to the rich historical legacy of the town of St. George’s, a UNESCO World Heritage site. St. George’s was the first permanent settlement on the island of Bermuda and is the oldest continuously inhabited English settlement in the New World. Today, St. George’s 17th, 18th and 19th century buildings function not only as museums but also as homes, restaurants, pubs and shops.

In addition to its signed agreement with Global Hyatt, Addax Holdings has executed a master development agreement and long-term lease with the Government of Bermuda for the 30-acre hotel site with two historic forts – Fort Victoria and Fort Albert. The 19th century structures will be preserved and incorporated into the resort.

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