SOUTHAMPTON, BERMUDA-Developer Scout Real Estate Capital is turning its focus to this island nation for a $300 million hospitality complex being anchored by the country's first new luxury hotel in decades. The process was put in motion this week at a ceremony headlined by Bermuda Premier Ewart F. Brown, who joined local officials and members of the project team in christening the planned Southampton Beach Resort.

"We have a once-in-a-generation opportunity to do something incredible in Bermuda," proclaimed Scout CEO Alan Worden. "Our goal is to exceed everyone's expectations." Based in New York City and Nantucket, MA Scout acquired the 32-acre site last year backed by financing from Lehman Brothers. Worden praised Brown for his support in moving the process along, and says the venture reflects Bermuda's desire to bolster its reputation as an international vacation hotspot at a time when new resorts are being constructed in competitive venues such as the Bahamas, Caribbean and Mexico.

An existing Wyndham Hotel currently occupying the oceanfront Bermuda property is being torn down in favor of Scout's vision. Besides the five-star, 150-room hotel, the new resort will feature a luxury spa and fitness center, several pools and lush landscaping, plus a series of retail and restaurant offerings. The high-end concept "will be one of the most notable destinations in this hemisphere," promises Scout Managing Director Harper Sibley. "We've pulled together a talented team of creative architects, designers and engineers to execute this project," he says, citing the leadership of renowned design team Hart|Howerton as a key player in the initiative.