Premier David Burt tabled a new government guarantee for the completion of the Bermudiana Beach resort this morning in the House of Assembly.

Mr Burt, who is also the Minister of Finance told MPs the guarantee was issued for a $25 million loan on behalf of the Bermudiana Development Company, a subsidiary of the Bermuda Housing Corporation, for the completion of the South Shore resort in Warwick.

The hotel was initially earmarked as affordable housing at the former Grand Atlantic housing estate.

This latest guarantee follows a $10 million sovereign guarantee for the property.

Public Works Minister, Lieutenant-Colonel David Burch, stated in June last year, that an “additional construction loan of $25 million” was in the pipeline to complete the development.

At that point in time, he said the investment would be recouped by the Bermuda Housing Corporation through the success of the property, to be run by Hilton Hotels, and through the sale of condominiums.

“Eventually”, he said: “every dollar spent on this project” would be “repaid”.

The resort will have 94 condos for sale and 110 hotel rooms.

At last check, construction was expected to be completed by July. A test-run by Hilton was scheduled to take place two months ahead of the official opening.