The Senate also failed to fulfill its responsibilities to the Bermudian people. Despite concerns voiced in the Senate regarding the underlying conditions of the Stonington lease and the outrageous SDO, which were dodged by the Government Senators, the Senate approved additional tax concessions for the hotel Coco Reef operator.
New tidbits were revealed about the new 9 story tower (!!) that will be built at the Stonington/Coco Reef site. According to Senator Bean, the 66 new units are available to foreign buyers as long as they are available for tourist use for six months a year for five consecutive years.
If this is true, it sounds like the “hotel” will rapidly convert into a condo complex.
It’s absolutely amazing.
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