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 Scout Real Estate Capital Begins Demolition of the Wyndham Beach Resort
in Bermuda With Plans to Build a $300 million Resort and Residential Village
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Scout to Seek Approvals in September, 2008

SOUTHAMPTON, Bermuda - July 22, 2008 - Scout Real Estate Capital CEO Alan Worden announced today that work on its new 5-star resort hotel on the site of the old Wyndham Beach Resort in Southampton Parish (formerly Sonesta Beach Resort) is progressing on schedule. Scout intends to present its proposed plans for the property to the Government’s Special Cabinet Committee for approval in early September 2008. Current estimates place project development costs at $300 million. 

Preliminary plans for the hotel include over 150 luxury hotel rooms, a spa, several pools and restaurants and a private club, catering to the needs of both international tourists and local Bermudians. The property will also offer fully serviced beach villas around the property’s three sandy coves, ensuring excellent beach and water facilities for all hotel guests. 

“We are dedicated to making this new hotel one of the most environmentally advanced beach resorts of its kind in the world,” said Worden. “We are fully committed to a program of economic, social and environmental sustainability for the resort. For example: we intend to maximize the potential of solar energy to minimize its requirement for buying electric power.” 

The company intends to employ state-of-the-art sustainability best practices and materials in the construction and operation of the property. As a result, the hotel is expected to consume less energy and water per square foot than any other resort on the island. The resort hotel is expected to be LEED certified under a rating system developed by the U.S. Green Building Council, which defines environmental friendliness and sustainability. 

Demolition of the old Wyndham hotel is proceeding as planned, with reclaimed copper and concrete being recycled. Scout expects to be in a position to begin construction in the second half of 2009, with an opening of the new resort in late 2011. 
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Now being demolished the Shuttered Wyndham Beach Resort
(formerly theSonesta Beach Resort Bermuda) 
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“We believe our new resort property will help advance the rebound in Bermuda’s tourism industry,” said Worden, “We have an incredible ‘front row’ site and a plan to create one of the most environmentally-friendly, luxury resorts in the world. A strong commitment to the environment matters to our guests, and we believe it will be an important consideration for guests booking with us. Also, we are very pleased to be able to announce that we have engaged Bob Glazier, of HKS Hill Glazier, to head up the design of the hotel. Bob is regarded worldwide as one of the premier design architects of luxury resort hotels.” 

Lehman Brothers Holdings, Inc. is financing the project. 

“Bermuda truly is one of the world’s special places, and we intend to celebrate it through our resort programs and experiences,” said Worden. “As a destination, Bermuda has many advantages, including easy access from its principal markets of the northeastern United States and the United Kingdom via direct scheduled airlift on a daily basis. It is within two hours of New York, Boston and Washington, and that region currently supplies over 50% of Bermuda’s tourists.” 

About Scout Real Estate Capital, LLC 
With offices in Nantucket and New York City, Scout Real Estate Capital, focuses on sustainable real estate and resort opportunities worldwide. Scout caters to affluent and sophisticated leisure-focused travelers. 

Its current properties and investments include The Harbor View Hotel & Resort and The Kelley House, both of which are in Edgartown, Martha’s Vineyard, Massachusetts, various prime positioned properties on the Big Island of Hawaii totaling approximately 6,000 acres and the new beach resort development at Southampton Beach, Bermuda. For more information, visit www.scout-capital.com. 

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Contact:

Scout Real Estate Capital, LLC 
www.scout-capital.com

April Mason Nichols, 212-402-1637
apriln@spring-obrien.com 
 

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Also See: Bermuda Hotel Association Creates “Hurricane Guarantee” Program, 16 of the Island’s Resorts Participating / June 
Bermuda Developers Sign Jumeirah to Operate the First New Luxury Resort to be Built in Bermuda in 35 years / February 2007

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