More than half of Azura’s first phase of residences sold
A new hotel and apartment development is expected to open its doors next month, it was revealed yesterday.
John Bush of Clearwater Development, the firm behind Azura Boutique Hotel and Residences, said more than half of the project’s first phase had already been sold.
Mr Bush said: “It’s all coming together. It’s being really well supported by the marketplace.”
The first phase of the project, a redevelopment of the former Surf Side Beach Club, was designed to include 21 hotel residences containing up to 46 hotel beds.
Mr Bush added: “Of the initial buildings that we renovated, we have sold about 75 per cent, which is a big number.”
The Azura Hotel and Residences, located at the former site of the Surf Side Beach Club in Warwick, has lofts and condominiums for sale.
The units can be rented back to Azura — either in whole or in part — as each bedroom is designed to function as an individual hotel room.
Mr Bush said: “Those who purchase units are required by us, as a developer, to put at least one of their bedrooms into the hotel.
“Purchasers of a one-bedroom must put it in for six months — thus they are not living there full time.
“We want this to be a good, functioning hotel and one that is sustainable.
“It has a very conservative capital structure, so when we finish the first phase of the project we will have no debt left, which will make it much more sustainable as a tourism product.”
He said the company expected to operate with between 35 and 60 hotel rooms.
The completed site will also include amenities like a spa, fitness centre and poolside bistro.
Mr Bush said: “Although residents are going to start moving in next month, we don’t expect hotel occupants until 2019 because you can still see how much construction is going on.”
He added that because of the success of the project so far, the second phase of development — the creation of another 23 bedrooms — is expected to start sooner than expected.
Mr Bush said: “It depends on how things play out, but I would say either at the end of next year or early next year we will start phase two.”
He added: “It’s very hard to execute a project like this in Bermuda. The Bermuda product is fantastic.
“The island, the people, so many things about it, but the cost structure is difficult and the seasonality is difficult.
“It’s very gratifying. There has been a lot of ‘if you build it, they will come’ and a lot of faith in the business model and the product.
“People have really responded well. The site is spectacular, but people have also responded to the structure because they think it is going to endure.”
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