Tenerife Hotel Under New Owners

July 30th, 2010

Tenerife Blog

Around the world holiday destinations often need something new to give it the appearance of keeping up with the times and having the travel press write about it, and Tenerife is no different from any other destination in that respect.

A new hotel will make waves as does a refurbished one, and a hotel that’s under new ownership.

All are cause for travel journalists to start booking their flights to Tenerife ready for a few days special treatment in exchange for a review in their respective media.

And so it is with Tenerife as new owners take over the 5 star San Blas Reserva Ambiental in the south of the island.

A spokesman for the new owners commented:

“The purchase of San Blas Reserva Ambiental Hotel is a wonderful addition to the Sandos Hotels & Resorts product line and offers and innovative holiday resort with a variety of spaces, facilities and activities designed to live up to all the expectations for vacation fun and relaxation as well as a unique experience for group and incentive travel.”

Commenting on the benefits of booking a stay at what could be one of the best Tenerife hotels they add:

”The San Blas Reserva Ambiental Hotel is situated in front of the magnificent Atlantic Ocean, just ten minutes from the Tenerife South Airport, and located on a natural Environmental Reserve. Unique on-site facilities include a multi-media center with an interactive museum to discover mysterious species and a historical experience tunnel that recreates the history of San Blas from prehistoric times to the modern day, a sailing lake and a 27-hole Biosphere Golf Course, and a boutique Spa facility with an extensive list of body treatments.”

So with a location close to the airport from where guests take their flights to Tenerife, what are the opinions of those who have stayed there recently and added their views to popular review sites? A typical response has been:

‘We had a perfect vacation at this wonderful planned hotel. Every detail has been thought through. Our room were large with a very nice seperate shower room (yes, it was that big!) and jacuzzi. The staff is very friendly and their personality always shines through. The breakfast buffet was soooo good. One evening we tried the buffet too. Usually I’m not to fond of hotel buffets, but the San Blas really surprised me here too. In the nearby fishing village there are a lot of lovely restaurants too. Overall I can only recommend San Blas, and will absolutely stay here when travelling to Tenerife again. This is a peaceful way to vacation away from usual the tourist traps.’

Other reviews from those staying there for their Tenerife holidays are also generous in their praise, with most commenting that the facilities, cleanliness and staff make it for them 4 or 5 star standard.

For more Tenerife information including a 5 day forecast with today’s Tenerife weather visit yourtenerife.net

They also have a map, villas and the latest news and articles to read.

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20/20 Vision For Monaco Grand Prix

July 29th, 2010

The Monaco Grand Prix has just signed a new contract ensuring the future of the race through to 2020.

SkySports’ report says:

The Monaco Grand Prix has signed a 10-year contract extension despite recent comments from Bernie Ecclestone suggesting its place on the calendar may be under threat.

The race has been an annual fixture in the Formula One World Championship since 1955 but commercial rights holder Ecclestone has suggested that the sport could cope without the prestigious event.

“The Europeans are going to have to pay more money or we will have to go somewhere else,” Ecclestone was quoted as saying by The Independent.

He added: “We can do without Monaco. They don’t pay enough.”

However, Ecclestone’s Formula One Administration announced in a statement on Wednesday that a new 10-year deal had been agreed with Michel Boeri of Automobile Club de Monaco after a meeting in London.

For Monaco Grand Prix tickets visit monacoproperty.net/grand_prix

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The Monaco Yacht Show

July 28th, 2010


Monaco Harbour

Monaco Harbour


With the Monaco Yacht Show just a couple of months away, here’s a report from superyachts.com

This September the Monaco Yacht Show will be staging its 20th edition, bringing forth the most respected industry representatives, alongside some of the world’s finest superyachts.

After 20 years running, organisers are promising the biggest and best show to date, bringing the event into its third decade and supporting the expectations sought from a legacy of untold success in the world of luxury yachting.

As the world’s industries were taken aback by the initial blow of the economic downturn, financial attitudes were changed as markets stagnated. However, in the superyacht industry there has always been one consistent force of stability, the Monaco Yacht Show.

Held in the highest regard, year after year, thousands flock to the revered event set against the stunning backdrop of Port Hercules. The 2009 MYS was attended by over 27,000 visitors and had 500 companies setting up exhibits across the port.

High net worth individuals, private clientele, journalists and industry professionals gather from around the world to participate in high-level client and business meetings, press conferences, glamorous evening events, and superyacht viewings; soaking up the vibrant atmosphere of the industries most respected exposition.

Now, the Informa Group, organisers of the MYS and the Abu Dhabi Yacht Show, have promised an event which will be stronger and better attended than previous years.

Oceanco CEO Marcel Onkenhout stated “The Monaco Yacht Show is THE annual superyacht event. No other yacht show worldwide is as well suited to bringing the superyacht industry together as the MYS. Oceanco has enthusiastically participated for many years, each year with one or more of our new deliveries as one of the star attractions of the show.”

The Monaco Yacht Show is a marked event in the superyacht calendar, expanding and growing in size and reputation as the years go by. The exhibiting area at the show occupies some 9,000 m 2 area, centred on Monaco’s Port Hercules, as yacht brokers and builders debut their most stunning new superyachts.

Celebrated superyacht designer Donald Starkey added “The Monaco Yacht Show is perhaps paired with Fort Lauderdale, which are two of the most important shows in the superyacht calendar. Monaco is the ideal prime showcase for yacht builders, designers, and yachts for sale and for charter. Personally, I regard it as a very important show for the industry which concentrates solely on superyachts.”

Using the enchanting location of the Cote d’Azure’s crown jewel, Monaco, the show combines the cultural reverence of the South of France with the lifestyle of a global luxury market. Port Hercules is surrounded by high end shopping outlets, restaurants, casinos and hotels which scatter across the mountain, overlooking the glistening blue waters.

Founded in 1991 the show has since risen in rank and reputation throughout the luxury yachting industry, attracting thousands of visitors and world respected ikey industry figures from across the world. To read the full article click through to superyachts.com here

For hotels in Monaco visit monacoproperty.net/hotels

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July 8 2011…

July 26th, 2010

The Washington Post confirm’s Monaco’s worst kept secret…

Setting the date: Prince Albert and Charlene Wittstock.  Monaco’s royal will tie the knot with the former Olympic swimmer in July 2011: a civil ceremony on July 8, the religious ceremony the following day.

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Exhibition Sparks Review

July 22nd, 2010

Scotland on Sunday has run a good review of Monaco, sparked by the Princess Grace exhibition in London.

Sitting at a pavement café or, even better, at Sunday brunch/lunch at the Meridien Beach Plaza hotel in Monaco, watching the passing crowd is endlessly fascinating. Some women totter past on vertiginous heels, some have very obviously had “work done”, leaving their faces a frozen mask, but most, whether rich or not, have a certain style.

And that sense of style is synonymous with Princess Grace, who is to be found everywhere in the principality. I know she died in 1982 but, trust me, she lives on in so many ways. There is the Princess Grace trail, which will show you around what is the second smallest independent state in the world (only Vatican City is smaller) and includes the Princess Grace Rose Garden, the Japanese Garden off the Avenue Princess Grace, the Princess Hospital Centre, the Palace, the cathedral where she was married, and tell you about her work in founding AMADE, the international charity to help children.

British interest in her has soared because of the exhibition of her clothing at the Victoria & Albert museum in London. In three parts – the actress, the bride and the princess – the exhibition features couture outfits from Christian Dior, Yves St Laurent, Balenciaga and Givenchy, the Hermes bag created for her, now universally known as the Kelly bag, together with the dress she wore at her first meeting with Prince Rainier in Monaco.

This was not, as popularly supposed, a couture dress, but something conjured from a McCall’s “easy to sew” pattern, which may give you a hint of the woman.

The exhibition runs until 26 September, and there has been some criticism that some of the clothing looks, well, “worn”. That is the point; these are the clothes of a stylish woman who would use couture and McCall’s, and was not extravagant.

Her influence, and stories of her, are everywhere in Monaco, for the Monegasques seem genuinely fond of her and the family. France, which bounds the principality on three sides, has long wanted to absorb it, but the family are the buffer against this, because as long as there is an heir to Monaco it cannot become part of France.

And little Monaco packs a lot into its two square kilometre territory. The royal palace itself is up on the rock, and it must have seemed like a fairytale palace in 1956, when Grace Kelly became Princess Grace of Monaco. It must also have been sweet revenge for her family; of Irish immigrant stock, and with her father a self-made millionaire, they were nevertheless not accepted into Philadelphia high society because they were Irish Catholics. Being Catholic proved to be a plus, though, when marrying into the Grimaldi family.

Also most welcome to the Principality was the 2 million dowry paid by her family. That, and the subsequent reinvention and rebranding of Monaco, is part of her legacy today.

Now, the Riviera sun still shines on Monaco, and there are some wonderful, and expensive, high-style hotels, the casino and events such as the rally and tennis masters, but the business of Monaco today is business. There are international banks, private banks, investment companies and, very obviously, money in the streets.

It is a tax haven, and possibly the safest place in the world for, per capita, they have the largest police force in the world. Housing is hugely expensive, and when we stepped on to a pedestrian crossing, a Bentley and a Rolls-Royce stopped to allow us to cross. There are all the best motor dealers here – not just Mercedes, but Maybach too. Fauchon, the Parisian grocery, is in one of the shopping arcades, and there is every fashion designer you can think of represented here.

There are restaurants, too, and hotels catering for all levels of visitors, including the typical Monegasque mix of French and Italian dishes, but it is the high end that people associate with the names of Monaco and Monte Carlo. These include the combination of Japanese and western cuisines at Yoshi in the Hotel Metropole, where bento boxes provide a reasonably priced lunch in a Joel Robuchon restaurant; Thai cuisine at Maya Bay Thai; or, for the very best of three-star Michelin cuisine, lunch at the Alain Ducasse restaurant Louis XV in the Hotel de Paris.

This was a sublime lunch in a spectacular gilded setting, and restaurant as theatre, with bread trolley, champagne trolley, cheese trolley and even a coffee trolley with sugar, chocolate marshmallows, nougat and madeleines as well as chocolate petit fours.

There was an a la carte menu, but the set menus ranged from ¤140 (£120) to twice that. There were some obvious business lunches going on, and I identified a couple of romantic lunches, but mainly there were family celebrations – a 70th birthday with two daughters treating their parents, and other apparent “treats” in this very grand restaurant.

We were especially privileged, because before lunch we had been allowed into the wine cellars of the Hotel de Paris, said to be the finest hotel cellar in the world. What is certain is that they have over 600,000 bottles here, including a brandy dating from 1800. We were shown the deepest, oldest part, where the Hotel de Paris hid and saved its finest wines, silver and paintings from the Germans during the occupation, and where Prince Rainier arranged a 25th wedding anniversary surprise dinner for Princess Grace in 1981.

But Monaco today is not all old-style grandeur – we found lively bars and restaurants on the harbour, such as Zest, and the latest exhibition at the Oceanographic Museum is of works by Damien Hirst. Here his sheep, butterfly and, most popular of all, his shark, compete with the real thing in the vast aquariums down below. London gets Princess Grace and Monaco gets Damien Hirst, and the world gets more interesting.

To read the full article click here

For details of the Monaco banks visit monacoproperty.net

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A Short Guide To Monaco

July 17th, 2010

The Daily Telegraph have run this advice for those thinking of visiting Monaco.

Hôtel Métropole, built in 1886 in belle époque style, is everything you’d expect from a grand old hotel – chandeliers, balconies with sea views and a Michelin-starred Joël Robuchon restaurant. Doubles from £291 (metropole.com)

Recently reopened after a redesign by India Mahdavi, the Monte Carlo Beach Hotel is chic and comfortable, with luxurious La Prairie products in the bathrooms. Its restaurant, Elsa, uses only locally sourced ingredients. Doubles from £289
(monte-carlo-beach.com)

Eat

La Rose des Vents sits opposite the Monte Carlo Sporting Club, with brilliant marina views. Great for traditional Monégasque dishes and the freshest seafood imaginable. Try the octopus salad (00 377 9770 4696)

If you need a break from all the extravagance, then head to Polpetta. This charming, low-key restaurant is where you’ll enjoy some of the finest Italian food in Monte Carlo (00 377 9350 6784)

Drink

Le Bar Américain, part of Hôtel de Paris, is completely decadent. It’s the best place to enjoy views over Monte Carlo, while sipping a glass of champagne from its 300,000-strong wine cellar (hoteldeparismontecarlo.com)

Shop

Le Dressing is a little vintage shop great for bargain-hunting. It’s nestled just behind boulevard Albert 1er, near the port, in rue des Orangers (00 377 9770 4560)

Stock Griffe is a stylish designer outlet with all the fashion favourites – Prada, Moschino, Chloé – at heavily discounted prices (5 bis avenue Saint-Michel)

Spa

The Espa spa at the Hôtel Métropole has a huge range of treatments, and equally huge treatment rooms. You can pick your own music, coloured lighting and room scents – ideal for the fussiest of clients. Its signature facials are especially good
(00 377 9315 1370)

Do

Make like a non-dom tax exile and take a helicopter transfer from Nice airport to Monaco. The seven-minute journey beats an hour in a taxi, with breathtaking views of the Riviera. £188 return (heliairmonaco.com)

For Monaco Hotels visit monacoproperty.net/hotels

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Demand Up For Monaco property

July 12th, 2010
Fontvieille Monaco

Fontvieille Monaco

As the winds of regulatory change blow though the global financial industries, the images of some tax havens are being polished, reports the Financial Times.

Monaco is sprucing itself up and creating homes aimed at a wider range of residents.

“They are trying to encourage people and families to live here permanently, so apartments are getting bigger,” says Irene Luke of the Lorenza von Stein estate agency. “Twenty years ago there were no teenagers. Now, there’s a leisure complex for them near the [sea] front.”

Monaco has, of course, a famously low tax environment. There is no income, capital gains or wealth tax in this sovereign state, which is also a capital and a city. About 3,000 British multi-millionaires jostle for space here alongside its 35,000 population, made up of about 125 different nationalities. And jostle is the word. Monaco is small – about 2 sq km – and so is everything in it.

Stepping into the principality, which is literally across the pavement from France, is to leave behind space, greenery and countryside and enter a landscape of dense high-rises, cheek-by-jowl living and some of the highest property prices in the world.

In nearby Nice (20km away) the average price for a home is roughly €5,000 per sq metre but in Monaco it is €25,000-€35,000 per sq metre – and this is in a falling market: transactions are down by about 70 per cent compared with two years ago and prices have “softened” by 15-20 per cent, according to Stuart Baldock of buying agency Property Vision.

As properties are frequently advertised at twice their real value, however, Baldock feels that talk of huge falls is wide of the mark. “Advertised prices bear no relation to the truth,” he says. “What is happening is that asking prices are getting closer to reality.”

A 150 sq metre two-bedroom modern apartment in the popular district of Jardin Exotique, with a view of the port, is on the market for €4.2m; a year ago it was advertised at €4.8m. Nearby, in Le Larvotto, an area of reclaimed land near the main shopping streets, a 130 sq metre, four-bedroom apartment in a belle epoque block is for sale for €4m. It was advertised for €5m 18 months ago.

Houses are rare and, even by Monaco’s high standards, impossibly expensive: a villa recently sold off-market for €22m. Most residents therefore live in reasonable – if slightly smaller than they would wish – apartments.

“In the 1970s and 1980s an address would suffice so the apartment standard did not matter so much and many small and rather ugly apartments were built,” says Ricardo Giraudi, who lives in the principality and runs a meat-trading and restaurant business.

“Now, however, more people want to live in the principality and there is a big demand for luxurious larger apartments, but very few of them,” he adds.

In order to solve this problem, older buildings are frequently pulled down and rebuilt to a bigger and, generally, higher specification – whether they block another’s view or not. Little is listed in Monaco.

One new development in L’Annonciade district, on the border of Monaco and France, is the controversially tall Tour Odeon. The elegant butterfly-shaped building, 49 storeys high, was designed by Alexandre Giraldi, one of Monaco’s most respected architects, and is being built by the Marzocco Group. It will be the tallest residential (and commercial) tower in Monaco and France and is due to be completed by 2014. All but 10 per cent of the luxury apartments will have a view of the sea and, at an average 250 sq metre for a two-bedroom unit (though apartment size goes up to 540 sq metre), are spacious. “We are keen to attract families,” says the building group’s Daniele Marzocco.

Though prices have not yet been released, properties in the Tour Odeon are expected to sell for about €80,000 per sq metre, giving a price of about €20m for an average apartment – and will be some of the most expensive Monaco property for sale so far.

Such high prices can intimidate even the super-rich, so many opt instead to rent, while still qualifying as residents. “Rent is approximately 2 per cent of the capital value,” says Baldock, who often advises his clients to do this. Indeed, some streets, such as Princesse Grace, are almost entirely owned by old Monagasque families and apartments can only be rented.

“Of course you are chucking money down the drain [by renting] but, capital growth apart, why buy?” asks Baldock. “Especially if you are going to buy a house within an hour’s drive.” Many residents live in Monaco during the week and then enjoy weekends at their country home in neighbouring France or Italy.

Cap Ferrat is only 10 minutes’ drive away and also has some of the most expensive homes in the world: villas change hands for between €40m and €80m. Forty minutes’ drive from Monaco in the hills behind Nice and Cannes are villages such as St Paul, Tourrettes sur Loup and Gourden, that are also popular with second-home owners. In Les Hauts de St Paul (a gated estate) 500 sq metre villas sell for €4m-€6m.

A great deal of Monaco’s appeal lies in its convenience: close to the French and Italian rivieras and only an hour and a half’s drive from the Alpes-Maritime. And the principality is easily reached via Nice, the fifth largest city in France, and its international airport. It is, however, not without charm of its own. It shares the Côte d’Azur’s mild climate of 15°C average in the winter and about 21°C in the summer and it is safe and clean.

“It’s the only country in the world where multi-millionaires take the bus,” says Luke. But then millionaires have always felt comfortable in Monaco. Run by the Grimaldi monarchy since 1297, it became the epitome of glamour in 1956 when film star Grace Kelly married Prince Rainer III. Aristocrats and the rich and famous flocked to its casino on the Monte Carlo coastline.

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The Magic Of The Monaco Grand Prix

June 30th, 2010

A good article appeared on the BBC’s internet site recently about the Monaco Grand Prix, by their F1 commentator Jonathan Legard.

Jonathan can be followed on twitter by clicking here throughout the Grand Prix season.

Here’s what he had to say:

Vitaly Petrov is making an increasingly impressive entry into Formula 1 with Renault this year but Russia’s first grand prix driver sounded startlingly out of step with his surroundings this weekend.

“Driving at Monaco means nothing to me”, said F1’s top rookie after 2010’s opening races.

What about the history and the tradition of one of the most famous races in the world?

“I don’t feel anything about the history,” he said.

I have to admit his answers left me lost for words. I have never come across anybody – driver, engineer, mechanic, journalist or fan – who was so dismissive and so detached about racing on the most renowned street circuit on the globe.

The Monaco Grand Prix was the first race which grabbed my attention and switched me on to F1. It was the one track, above all others, that I wanted to visit.

I remember being shocked by the prices but overwhelmed by the setting, the layout and the atmosphere, which never fail to inspire a return ticket.

Squeezed in between the jagged hills which rise so sharply and the harbour full of multi-million pound yachts on a shimmering Mediterranean sea, there appears barely enough space to park a car, never mind race 24 of them.

Yet part of the beauty of Monaco is how close to the action spectators can find themselves.

At some parts of the track, such as the sea-front chicane at the exit of the tunnel, you actually could reach out and touch the cars as they navigate the kerbs before blasting away towards Tabac corner and the spectacular Swimming Pool complex.

Rubens Barrichello has been both a racer and a resident here over the last two decades and he smiles when he recalls his first impressions of this most unlikely sporting location.

“I arrived in Monaco and was puzzled. I had to ask: ‘Where’s the track? I can’t see it,” the Brazilian said.

“I couldn’t believe it when I was told I was standing on it. It looked so narrow. I thought: ‘How could you ever go flat out round here?’”

“I took the whole of my first practice session to build up the confidence and the speed to do it.”

Few would argue with the words of Barrichello’s fellow Brazilian, Nelson Piquet, who memorably likened racing in Monaco “to riding a bicycle around your living room”.

The tightest and shortest circuit on the calendar, it’s the ultimate driving test around a layout which has hardly altered from the first race in 1929 – a world away from architect Hermann Tilke’s new designs like Bahrain, Shanghai or that deluded Monaco wannabe, Valencia.

Consider the roll of past winners and you understand why Monaco is regarded as the premier driver’s circuit.

Ayrton Senna’s won six times, Michael Schumacher and Graham Hill five times, Alain Prost four times, with those knights of the road, Stirling Moss and Jackie Stewart, both three-time winners and Juan Manuel Fangio twice.

Without their rarefied mix of concentration, confidence, consistency, courage and crucially talent, charging between the barriers at speeds of up to 170 mph can become an exercise in damage limitation.

The slightest deviation caused by one of the many bumps or markings on what are public roads for the rest of the year can wreck a car in an instant. And in a wet race, when a driver’s skill is even more critical, the white lines are like marble.

“To be so close to the wall at such a speed, to have the flow of the track is extra special”, said Schumacher this week.

“When you have big run-off areas, it allows this extra per cent in safety. Here, if you want to nail it, there is no margin for any little error whatsoever.”

Drivers frequently say it becomes almost mesmerising to complete a lap in less than 80 seconds over a race distance of 78 laps, blinkered and hemmed in by steel barriers throughout.

Nobody who was here in 1988 will ever forget Ayrton Senna’s extraordinary qualifying lap, almost one and a half seconds quicker than his McLaren team-mate, Prost.

“Suddenly it frightened me because I realised I was beyond my conscious understanding,” Senna explained afterwards.

His crash into the barriers the next day when comfortably leading only added to the mystique of Monaco. The greatest battle for drivers in sight of the chequered flag can be with themselves, maintaining the pace and precision to complete a successful afternoon.

Senna’s spellbinding duel with Nigel Mansell in 1992 (see highlights video below) also highlighted the elevated role of the driver and the importance of track position here.

Mansell’s Williams was by some margin the fastest car but Senna’s McLaren held him resolutely at bay over the final laps after the Englishman had to make an enforced pit stop. The Briton’s last chance to win in Monaco had gone.

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Breaking News…

June 23rd, 2010

Prince Albert II of Monaco has  announced his engagement to the former South African Olympic swimmer, Charlene Wittstock.

The couple first met in the year 2000 when Ms Wittstock won the gold medal in the backstroke at Monaco’s International Swimming Competition and have been together since 2006.

Recently, His Serene Highness and Charlene Wittstock were in South Africa for the start of the World Cup.

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Nobody Does It Better

May 26th, 2010

Monte Carlo CasinoIs there anywhere better than Monaco?

Maybe not as even Bermuda looks to Monaco as a role model – here’s a report that appeared recently in the island’s newspaper:

Bermuda could benefit from following the Monaco model, according to hotelier John Jefferis.

And this would include a mega-yacht marina and glamorous casino as well as harbour front dining, the owner of Coco Reef hotel believes.

Mr. Jefferis — who expects to begin construction on 66 leaseback villas on the Coco Reefs property within the year — said Bermuda needs to look at ways of innovating its tourism product instead of looking at what worked in the past.

And he came out in support of gambling. “I think Bermuda should adopt the Monaco model,” he said.

“It should be easier for people to buy accommodation on the Island. There should be a glamorous casino, not like something from Las Vegas. There should be dining on the waterfront and boutiques. There should be a mega-yacht marina; all of this makes people go to Monaco. All this would add vibrancy to Bermuda and with our proximitly to the US it would be successful.

“I think the Monaco model is the way forward. We live in different times; we need a paradigm shift where we adopt a new way forward.

“A lot of people think we can dwell on what worked before, but there has to be new thinking and I believe in the Monaco model. There are some who don’t, but Bermuda needs to move forward.”

As for gambling Mr. Jefferis said he believed Hamilton would be the best location for a casino, particularly if the waterfront were turned into an upscale dining and boutique area.

His views echo those in the recently released Government Green Paper on gambling which stated a single casino in Hamilton as the best option for Bermuda. The report was based on information gathered by research company Innovation and an independent Bermuda Task Force on Gaming headed by lawyer Wendell Hollis.

Former Premier John Swan has also recommended Bermuda move forward with a city casino, but has denied that his building, Seon Place, will have space dedicated to one.

Mr. Jefferis added: “If I was to have ownership of a casino I would have 30 percent of the shares sold to Bermudians, 20 percent would be available to hotels and the remaining 50 percent would be for the owner. That way everyone will feel involved.”

Plans put forward by the Corporation of Hamilton for a waterfront redevelopment in Hamilton were promising he said.

“But things need to happen, at the moment everyone just seems to be talking.”

Tourism figures have been gloomy recently — showing that air arrivals have fallen from 491,035 in 1980 to 235,860 in 2009. Visitor spending fell 23 percent last year and hotels were forced to drop prices in a bid to up occupancy figures. Hotels dropped prices by 50 percent in some cases and at one point the Fairmont Southampton offered rooms for as low as $139. In the end hotels reported an overall occupancy rates of 51 percent, an eight percentage point drop from the previous year.

Mr. Jefferis said he believes things will improve but it will take a while to return to the hotel rates of pre-2007, which regularly cost tourists $500 a night

“We have actually done OK this winter,” he said. “We have done a lot of advertising and saw occupancy increase, but I have to add that is also because we lowered our room rates.

“I think this summer will be better than last year, but I think it will be four years until hotels will be able to charge what they did.”

To read the full article click here

For information on properties for sale in Monaco visit monacoproperty.net and to find out what people think who are visiting right now visit twitter

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