by Brian Major
Last updated: 12:00 PM ET, Wed April 13, 2016
PHOTO: The living room at the Ritz-Carlton Reserve property planned for Bermuda's western end.
Bereft of any significant new hotel development for decades, Bermuda is preparing to welcome several new luxury properties in the next few years.
Developer Morgan's Point Ltd. this month announced a Ritz-Carlton Reserve resort will be a feature property at Caroline Bay, a development on Bermuda's western end that will also feature luxury residences and a mega-yacht marina. The development is expected to open in 2018.
Morgan's Point Ltd obtained the land in 2008 as part of a land-swap agreement requiring Bermuda's government to remediate the site to residential standards, according to Morgan's Point officials quoted in local press reports. The site features nearly three miles of shoreline on a peninsula extending into Bermuda's Great Sound.
The first phase of the project will feature the 79-room Ritz-Carlton Reserve property, 173 branded residences; restaurants; a spa; high-end retail and a marina with slips for 77 boats and 21 super-yachts.
"We have watched Bermuda as a destination closely for many years and believe the timing has never been better to introduce what will be a one of a kind, luxury experience to the island," said Herve Humler, president and chief operating officer of The Ritz-Carlton.
Bermuda's government earlier this year finalized a 262-year lease with developer Desarrollos Hotelco Group for a 120-room luxury hotel to operate under the St. Regis brand.
The development will also feature a spa, a renovated golf course, residential condominiums and a casino said Michael Dunkley, Bermuda's premier. The hotel site overlooks Fort St. Catherine's Beach and has been vacant since a Club Med resort's closure in 1988. The government last year approved legislation permitting the area's development.
Desarrollos was identified through a request for proposal (RFP) process Bermuda's government. The RFP called for "a high quality tourism development to complement the St. George's UNESCO World Heritage Site and "accentuate the historical significance of the area."
Ariel Sands, a $90 million resort development owned by Hollywood husband-and-wife stars Michael Douglas and Catherine Zeta-Jones, broke ground in 2014 and is scheduled to open in 2017.
Another hotel is scheduled to open on Bermuda's Pink Beach in 2017, replacing the former Pink Beach Club, the Bermuda Royal Gazette reports. The latter property was purchased by Sardis Developments in 2014, four years after entering into receivership.
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