Announcement by Government's Department of Communication and Information:

WEDNESDAY, APRIL 2: Bazarian International is proud to announce the Park Hyatt St. George's Resort.

The resort is a luxury beach, spa, and golf resort development to be located on the site of the former Club Med resort in the UNESCO World Heritage town of St. George's, Bermuda.

Carl Bazarian, President of Bazarian International said, "This is one of Bermuda's most precious locations and, by being re-developed to the highest standard and branded with a world-renowned international hotel brand, will become the catalyst for Bermuda's resurgence as the premier island resort destination in North America and the Caribbean.

"Bazarian International's business philosophy, as affirmed in the Master Development Agreement between Bazarian International and the Government of Bermuda, is to respect the site and work with both the St. George's community and the Government of Bermuda to preserve its history, maintain its architectural integrity, create jobs, enhance local business in St. George's, introduce and maintain high environmental standards and, ultimately, deliver a luxury branded resort of the highest quality."

Bazarian International also announced that it has reached an agreement with the exquisite Park Hyatt hotel chain -- voted by Global Traveler as the "Best International Hotel Chain" for the past four consecutive years -- as the operator and brand for this development.

Premier, Dr. the Hon. Ewart F. Brown, who is also Minister of Tourism, said, "Today represents a concrete step towards the transformation of a dormant property into to a five star dream site of which Bermuda can be very proud. The Bermuda tourism product is entering a platinum period from end to end and the arrival of Park Hyatt is an ideal fit in this new chapter. The Park Hyatt brand has the ability to generate excitement worldwide and that is exactly what we are looking for."

The centerpiece of the Resort will be a luxury Park Hyatt hotel with 100 rooms and suites, a 12,000 square-foot spa and fitness center, a beach club, swimming pools, tennis courts, five restaurants and bars, extensive meeting and function space, and a staff housing facility.

The hotel will be complemented by an 18-hole Nick Faldo Signature golf course (to be developed on the site of the existing St. George's Golf Club), 140 Park Hyatt-branded condominiums (a portion of which will be available for use as transient hotel accommodation) and 40 luxury Hyatt Residence Club fractional ownership units.

The total project costs for the re-development of the Resort amount to approximately US$ 294 million. Bazarian International is confident in providing the requisite capital and to date has expended significant development funds to make this project reality.

The Park Hyatt portfolio consists of some of the most luxurious hotels in the world - each catering to sophisticated travelers and promising discreet, contemporary luxury.

There are currently 22 Park Hyatt hotels located in some of the world's most exciting destinations, including Paris, Tokyo, Milan, Sydney and Buenos Aires. Park Hyatt hotels have been consistently recognized by the world's most coveted luxury travel authorities, including being listed in the Condé Nast Traveler Gold List and Travel + Leisure's "World's Best".

Sereno Spa at the Park Hyatt Goa (India) was also recently named "World's Best Spa" by Condé Nast Traveller's UK edition. Park Hyatt hotels are best known for their refined, understated luxury, and each hotel is characterized by a distinguished sense of place, incomparable design, beautifully appointed accommodations, exquisite amenities and award-winning restaurants.

"We are delighted to be considered part of this landmark opportunity at this beautiful and historic site," said Mark S. Hoplamazian, president and chief executive officer of Global Hyatt Corporation. "The cultural and historical relevance of St. George's, coupled with the vision of the partners involved, will make this one of the world's most interesting and breathtaking resort destinations."

Six-time major winner Nick Faldo has also been brought on board to design a 6,000+ yard golf course at the Park Hyatt St George's Resort. The new golf course site will extend across land currently occupied by the 18-hole St George's public short course and over land alongside the ocean and Fort St Catherine's.

"I am thrilled to be designing a golf course in Bermuda," Mr. Faldo said, "and especially one in such a superb, beautiful and historic location. My company, Faldo Design, has an excellent working relationship with Carl Bazarian and his development team: we are close to completing another outstanding project (Roco Ki) with them in the Dominican Republic and I am confident that together we can bring a world class golf resort development to this part of the island."

"Bazarian International has financed and developed numerous luxury developments throughout the Caribbean and Latin America," Mr. Bazarian added. "Not only is Nick Faldo a legendary player and wonderful ambassador for the game, he is also an exceptional golf course designer. We have no doubt that he and his architects will create something very special in St George's."