The Fairmont Hamilton Princess has been purchased by Bermudian Peter Green and his two sons, who intend to spend $50 million upgrading the Bermuda hotel and developing a marina.
The Green family bought the hotel from Global Hospitality Investments, which had owned it since September 2007. Fairmont will continue to operate the hotel.
The new owners plan to renovate guestrooms and public spaces.
Andrew Green said, "There is great potential to increase the leisure side of the business through enhancements to the hotel's leisure facilities. The hotel has a superb team of management and staff in place, some of whom have devoted as many as 40 years of their lives to its success."
Wayne Furbert, Bermuda's minister of business development and tourism, said the investment by the Green family "is a mark of confidence in Bermuda and the future of the island's tourism industry."
Often referred to as the "Pink Palace," the Princess was originally built in 1885.
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