Good afternoon, everyone.

Thank you for being here. Today marks a significant step in the long journey to revitalise the Southampton Princess. Many of you followed this process closely when the development was first approved to proceed as an SDO in 2023, and you will recall the conversations that took place across the island. People care deeply about this property, and I understand why. It is a landmark, a major employer, and a symbol of the strength of our tourism sector.

Let me start with something simple and clear. The SDO that we are releasing now is not a new approval. It is the same draft SDO that was discussed and agreed upon in 2023 but now refined and finalised so that the project can move forward with greater certainty. The goal remains the same: to bring the hotel back, to create jobs for Bermudians, to strengthen our tourism product, and to do so while safeguarding the character of the land and the surrounding community.

The drafting process was a robust exercise involving significant input from the Department of Planning to advise the range of conditions to be added, which speaks to the environmental considerations, phasing of development, details of the public benefit components, i.e. South Road re-alignment, Railway Trail improvements, and the creation of more quality woodlands through conservation management plans and Protected Areas.

Before I speak to the updates, I want to clarify what a Special Development Order or SDO is and what it is not.

An SDO is a tool used solely for large projects of national priority.  Phases of this project will still be submitted as a planning application to the Department of Planning for final approval. All conditions must still be satisfied, and that aspect remains unchanged.

With approval for the development to proceed as an SDO granted in 2023, work began on drafting the final SDO. In doing so, improvements were made to strengthen the document and make the timeline more realistic. The updates do not change the core aspects of the development. They enable the developer to work more efficiently while maintaining the hotel-first rule. No residential unit can be occupied until the hotel is fully reopened. That protection remains exactly as it was.

It was further refined so the developer can begin design work once the Conservation Management Plan is approved, while still being required to complete all the environmental commitments before later phases. This final version of the SDO also adds legal clarity by formally including the subdivision plan. Additionally, it enhances the standards for wastewater management, traffic controls, and public access to key areas of the property.

I want to take this opportunity to acknowledge the concerns raised by members of the public. People want assurances that the environment is protected. They seek transparency. They want to know that Bermuda is benefiting more than it gives. These concerns are valid, and I do listen to them. This SDO addresses them with clearer rules, stricter conditions, and a structure that ensures the Government remains in a strong oversight role.

The redevelopment is expected to generate $1.4 billion in economic impact. As of October 2025, 641 individuals have worked on the project, among them are:

• 242 Bermudians/Spouses of Bermudians and PRC holders

• 324 New Work Permit Holders on standard work permits, and

• 59 Existing Work Permit Holders already employed with contractors assigned to the project.

Furthermore, 24 local companies have been involved in the project to date. This project has created genuine activity and real opportunities for Bermudians. But I’m not done yet. Fairmont Southampton currently employs 130 staff, and by the end of 2026, this number is expected to increase to approximately 450. Once the hotel is fully ramped up, I anticipate them employing close to 700 staff, and the government is committed to seeing them hire as many qualified Bermudians as possible

With that said, today is about balance. Progress with protection, flexibility with accountability, and clarity at every stage. This SDO provides the necessary guardrails while allowing the work to continue so the hotel opens as planned. 

While I understand that many are eager for the hotel to reopen, I want to assure you that work at the hotel is progressing and expected to open next year on schedule. It is important to understand that this SDO outlines the parameters for the construction of the Residential Residences and not the building of the hotel itself. It’s vital that we get this right - not rushed, not careless, but correct. Bermuda needs a robust tourism offering, and Bermudians should see the benefits of that success. 

With the finalised SDO now ready to be published and soon to be tabled in the House of Assembly, the next step is for the developers is to submit planning applications for each phase. The public will be kept abreast of developments and planning applications through ongoing public updates by the developer as we steadily progress towards reopening a hotel that has meant so much to many.

Thank you, and I will happily take your questions.