Members of Parliament approved more tax breaks for the Hamilton Princess and Beach Club on Friday, that will pave the way for the fourth phase of the hotel’s redevelopment plans.

According to the Junior Minister of Tourism, Kim Swan, the next phase requires a $21.2 million investment.

He told his parliamentary colleagues that the Green family, who purchased the property in 2012, have set out a long-term investment plan.

Renovations include the Harbour View Hall Room, the Princess Rooms and the Regency Terrace, which has already been completed.

The hotel’s Bermudiana wing will also be redeveloped – work is expected to start in November, with a view to completion by the second quarter of 2025.

To date, the owners have invested more than $160 million in renovations, which includes funds for the fourth phase.

The tax breaks approved on Friday (May 17), include full break from customs duty for ten years from the operative date of the order, full relief from hotel occupancy tax for 12 years from the hotel’s opening date, full relief from the employer’s share of payroll tax for 15 years from the hotel’s opening date and full exemption from land tax for five years starting from the sixth anniversary from the hotel’s opening date.

The land tax exemption is subject to the hotel confirming in years six through 11 that 70 percent of the hotel’s staff is Bermudian.

Exemption from the employer’s share of payroll tax is also subject to a management training programme for Bermudians, to be verified by the Department of Workforce Development.