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 Content Editor ‭[2]‬


 Content Editor ‭[1]‬


Pink Beach Club Property Sold to Sardis Developments Ltd.

Hamilton, Bermuda—7 March 2014: The Bank of N.T. Butterfield & Son Limited (“Butterfield”) today announced that it has concluded the sale and transferred ownership of the former Pink Beach Club hotel to Sardis Developments Ltd.

The beach-front Tucker’s Town cottage colony was placed in receivership in 2010.

Michael Collins, Butterfield’s Senior Executive Vice President said, “In Sardis, we are pleased to have found a buyer for Pink Beach who is committed to redeveloping the property into a world-class boutique hotel, which will attract new interest among vacationers and help reinvigorate the Island’s tourism product.

“We look forward to continuing to work with Sardis to support the redevelopment of the property in our capacity as lender. Today’s announcement underscores Butterfield’s commitment to financing viable tourism development projects in Bermuda that will have a positive impact on employment within our community. We anticipate that demolition and construction work at the Pink Beach property will generate a large number of construction jobs in the near term, as well as permanent tourism positions at the hotel when it reopens.”