A few positives

While we’ve spent considerable time examining the potential negatives of the proposed St. Regis hotel deal it is worthwhile to also examine a few of the positives. 

Should the hotel proceed as planned it will likely add a much needed luxury element and more capacity to Bermuda’s hotel product.  This has long been agreed by many as a needed development for our tourism product.

Also of note, for those unaware Bermuda may well be facing a rather drastic downturn in our construction industry which could place a great many Bermudians out of work at quite a bad time.  Should this project get off the ground in time it will likely offer the positive effect of lessening the downturn in our construction industry by hopefully providing jobs to many Bermudians who otherwise would be going unemployed. 

Finally, we’re at least getting some foreign press about Bermuda that doesn’t involve the Uighurs which is welcome considering the controversy is still making top headlines.

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Alex

The lead time on construction in Bermuda is so long that this will offer essentially no benefit in the time period when construction will hit the brakes hard.
Also, I’d be willing to make bets that the financing is not as “rock solid” as claimed. The time horizon may well factor in an expected (but potentially unlikely) return to “normal” for credit markets in 2011+.