The luxury 30-acre seafront resort will be located on Bermuda's exclusive northeast coast in the UNESCO World Heritage town of St. George's.

A Bermudian development company owned by members of Bazarian International Financial Associates, LLC, announced today the signing of a management agreement for Park Hyatt Bermuda.

Slated to open in 2012, Park Hyatt Bermuda will offer an intimate 100-room hotel, 111 Park Hyatt Residences, and approximately 30 branded Hyatt fractional ownership units, all featuring the contemporary architectural design and modern residential interiors for which the Park Hyatt brand is recognized around the world.

The Park Hyatt resort will also include four unique food and beverage venues, including a Tea Room, a 14,000 square-foot Hyatt Pure spa and fitness center, a private beach club, two swimming pools, tennis courts, and nearly 4,000 square feet of meeting and function space.

Adjacent to the future Park Hyatt Bermuda and an amenity for resort guests, the St. George's Golf Club will undergo a major redesign to become a superior 18-hole Nick Faldo designed resort golf course.

With convenient access to L.F. Wade Bermuda International Airport, Park Hyatt Bermuda will be an exclusive hilltop retreat overlooking St. Catherine's Beach offering its guests close proximity to the rich historical legacy of the town of St. George's, a UNESCO World Heritage site. St. George's was the first permanent settlement on the island of Bermuda and is the oldest continuously inhabited English settlement in the New World. Today, St. George's 17th, 18th and 19th century buildings function not only as museums but also as homes, restaurants, pubs and shops.

In addition to its signed agreement with Global Hyatt, Addax Holdings has executed a master development agreement and long-term lease with the Government of Bermuda for the 30-acre hotel site with two historic forts - Fort Victoria and Fort Albert. The 19th century structures will be preserved and incorporated into the resort.

"We are proud to be associated with Bazarian International Financial Associates, LLC, and its company Addax Holdings Ltd., and we look forward to bringing a new level of luxury and elegance to tourism in Bermuda," said Rakesh Sarna, chief operating officer, international operations for Global Hyatt Corporation.

Signing the agreement on behalf of Bazarian International Financial Associates, LLC, Carl J. Bazarian said, "We are extremely happy to partner with Hyatt Hotels & Resorts, an internationally-known hospitality leader. Hyatt's excellent reputation, expertise and resources will be critical in managing the resort and the Park Hyatt property is a vital addition to our organization's hospitality and hotel portfolio."

"The northeast corner of Bermuda is a scenic and historic gem, and the introduction of the Park Hyatt brand will make our gem sparkle like never before," said Premier Dr. the Hon. Ewart F. Brown, Minister of Tourism and Transport. "We expect this exciting new partnership with Global Hyatt and Bazarian International will be a catalyst for renewed confidence in Bermuda Tourism around the world."