Brickman announced last night it plans to begin constructing a Four Seasons Resort on the site of the Coral Beach Club and Horizon Cottages in 2010.

Roderick O'Connor, principal of Brickman, confirmed that his company is engaged with Four Seasons on this project.

"We continue to work closely with Four Seasons to design a project that will meet and exceed the expectations of Four Seasons' guests and owners, while maintaining a high quality experience for our existing Club members," Mr. O'Connor said. "These are challenging times for resort development, as the world is recovering from the global financing crisis."

Scott Woroch, executive vice president of Worldwide Development for Four Seasons, said: "Bermuda is an important market for Four Seasons, and we believe that the Coral Beach and Horizons properties are ideally suited for the development of a resort and residential offering.

"With the continued efforts of our development partner, and the support of the Government of Bermuda, we are confident that the resort development will proceed, and we will welcome our guests and owners to Bermuda in the not too distant future."

Brickman acquired the Coral Beach Club and Horizons Cottages on the south shore in January 2008, and received planning permission in principle from the Bermuda Department of Planning to develop a 150-room hotel and 80 fractional units on the properties in June 2009.

Brickman plans to start the initial phase of construction in the fourth quarter of 2010.

"It is our intention to commence the initial phase of the redevelopment later this year. Our plans for the initial phase include renovating several existing structures, and beginning construction on the amenity buildings and new hotel rooms," O'Connor said.

"Brickman has made a substantial investment in Bermuda and, with the continued assistance from the Government of Bermuda and its various Ministers, and with the support of Four Seasons, we intend to see this project through to a successful completion."