SOUTHAMPTON, BERMUDA-Developer Scout Real Estate Capital isturning its focus to this island nation for a $300 millionhospitality complex being anchored by the country's first newluxury hotel in decades. The process was put in motion this week ata ceremony headlined by Bermuda Premier Ewart F. Brown, who joinedlocal officials and members of the project team in christening theplanned Southampton Beach Resort.

"We have a once-in-a-generation opportunity to do somethingincredible in Bermuda," proclaimed Scout CEO Alan Worden. "Our goalis to exceed everyone's expectations." Based in New York City andNantucket, MA Scout acquired the 32-acre site last year backed byfinancing from Lehman Brothers. Worden praised Brown for hissupport in moving the process along, and says the venture reflectsBermuda's desire to bolster its reputation as an internationalvacation hotspot at a time when new resorts are being constructedin competitive venues such as the Bahamas, Caribbean andMexico.