Westend Properties announced that the “financing for the renovation of Bermuda’s iconic Fairmont Southampton has closed today” and “capitalisation for the entire Southampton project is estimated at more than $550 million.”
“While we have had the financing commitments to fully fund this redevelopment in place for some time, it has been a complex process to finalise all the necessary documentation with the various parties to the transaction,” said Alessandro Colantonio, Chief Investment Officer at Gencom, the managing partner of Westend.
“Late last year we stated that the project was fully funded and that we were progressing to closing. We are so pleased to share that the closing date is today. We have completed the required documentation to close the financing and the balance of funds have been remitted for this redevelopment.”
A spokesperson added, “The planned overhaul to the Fairmont Southampton features a number of significant updates to nearly every aspect of the historic resort, including a stunning makeover of all guestrooms, bathrooms and corridors, with high-end furnishings and fixtures; the transformation of the lobby, including a new reception area; restoration of the hotel’s ballrooms and meeting rooms to attract and welcome Bermuda’s most important events and celebrations; a fresh new ambiance for the restaurants, with sophisticated menus to suit every need; and the complete renovation of the Beach Club which has been designed as the resort’s signature amenity and will include a new oceanside beach grill as well as a spectacular resort-style pool complex.
“According to current timelines, construction on the Beach Club will be completed by the Fall of 2025, while the hotel is expected to fully reopen by Spring 2026.”
