FAIRMONT HAMILTON PRINCESS ACQUIRED BY BERMUDIAN FAMILY – $50 million plan to enhance property
Peter Green and his sons, Alexander and Andrew Green just announced they have purchased The Fairmont Hamilton Princess from Global Hospitality Investments (GHI), which has owned the hotel since September 2007. The property will continue to be managed by Fairmont Hotels & Resorts and there will be no changes to staff or operations as a result of the sale.
The Green family will bring its experience in prior top-end hospitality investment from owning a stake in the world-famous luxury London hotel, Claridge’s, from 2004-11 and invest a minimum of $50 million to enhance the property in order to further strengthen its position as one of the island’s greatest tourism assets. The family will continue the development plans started by GHI, which include building a marina, upgrading rooms, redeveloping the hotel’s public spaces including the pools, gardens and restaurant to increase the property’s leisure credentials, while maintaining its existing appeal to business travellers.
Alexander Green, on behalf of the Green family, says: “Taking ownership of such a historic and prominent landmark in Bermuda is a dream come true for our family and we are excited about expanding its contribution to the local economy. We are developing a long-term investment plan for The Fairmont Hamilton Princess informed by our extensive knowledge of the island based on our family being based here for 65 years.”
Green adds: “While the hotel has traditionally attracted business visitors, we believe that there is great potential to increase the leisure side of the business through enhancements to the hotel’s leisure facilities. The hotel has a superb team of management and staff in place, some of whom have devoted as many as 40 years of their lives to its success. We look forward to continuing the good work that GHI has done with plans to upgrade the hotel on an ongoing basis. This further investment in Bermuda continues to show our dedication to the Island and our unshakable faith in its long term prospects.”
The Hon. Wayne Furbert, JP, MP, Minister of Business Development & Tourism, says: “It is exciting to have The Fairmont Hamilton Princess return to Bermudian ownership and we believe that the Green family’s investment in one of the island’s foremost landmarks is a mark of confidence in Bermuda and the future of the island’s tourism industry. The family’s international experience as an investor in one of London’s top hotels, Claridge’s, will be of great benefit to the hotel and to the island.”
Len Czarnecki, General Manager of The Fairmont Hamilton Princess, says: “We are looking forward to working with the Green family in building upon the existing success of The Fairmont Hamilton Princess. The property boasts a remarkable history of over 125 years welcoming both leisure and business tourists to Bermuda and helping to make their visit a memorable one. With this generous investment plan we hope to continue to turn moments into memories for many more generations of visitors to the island.”
The Green family also owns Overbay and the Waterloo House development of luxury commercial and residential accommodations on Pitt’s Bay Road, which passed the halfway point to completion this summer. Over 90 per cent of the commercial space within the property has been rented out, some of it to companies that are new to Bermuda, and the residential penthouse apartments will be released onto the market this Fall.