HORIZONS LIMITED ANNOUNCES NEW STRATEGIC PARTNERSHIP
 
HAMILTON, BERMUDA, November 19, 2007 -- George Wardman, President & CEO of Horizons Ltd., which owns and operates the Coral Beach & Tennis Club, Horizons & Cottages and Waterloo House, and Rod O’Connor, Principal Partner of Brickman of New York City, announced today that they have concluded a new working alliance designed to dramatically enhance the landscape of Bermuda.
 
The agreement, which has been in the works since July, 2006 creates a partnership of Horizons Ltd. with Brickman (www.brickmanre.com) and a soon-to-be-named prestigious operator that will result in the upgrade and redevelopment of the Horizons and Coral Beach properties to five-star standard and style. 

According to Wardman, the alliance reflects a trend of renewed interest in Bermuda on the part of international hotel operators and investors.
 
“This is exactly what we wanted to achieve in our succession plan, an established tourist product joining with powerful new investors and a hotel operator offering global reach and incomparable expertise.

"The Developers are committed to Bermuda,” he continued.  “They have placed more than $2.5 billion of total capital in more than 54 real estate transactions across the USA. Brickman has the experience to develop and execute the investment strategies and tactics necessary in this dynamic real estate investment climate. This will be an unbeatable partnership which will be a tremendous boost for Bermuda's Tourism, at all levels.”

The repositioning of the traditional Bermuda cottage colonies will gradually evolve into a new medium-sized hotel on the Coral Beach Club oceanfront site featuring 150 rooms, as well as fractional residences on the Horizons & Cottages and the Coral Beach 50-acre plus property.  Horizons Ltd., as the parent company, will enter into a long-term lease of the tourism sites. 

"We believe in sustainable development and we will watchdog the open space and the green trees that we have nurtured for eight generations,” said Wardman.  “The designers have the very same sensitivity and appreciation of Bermudian architecture and landscape. As such, the impact on Bermuda’s infrastructure will be minimal but the enhancement of our image as a tourist destination will be significant.”
 
Wardman also reaffirmed his commitment to the long-established Coral Beach & Tennis Club, home of the XL Bermuda Open, "Our agreement includes separate facilities for current members who will have automatic admission into the newly designed Coral Beach Club."
 
Waterloo House, which features 32 rooms and suites, will close sometime later next year for redevelopment as office and perhaps retail and residential space.  He said; “Waterloo House, although much loved by locals and visitors, is simply the victim of its size, not to mention the almost continuous construction around it for the last ten years.  Horizons & Cottages and Waterloo House have been Bermuda’s only Relais & Chateaux properties, the most preeminent worldwide hotel association.  They have won many awards from Conde Nast Traveller, The Wine Spectator and Travel + Leisure among others.  Travel + Leisure readers again honored Waterloo House as “Best of the Caribbean” in their 2007 “Best of the Best” issue.”
 
 
Wardman and O’Connor said talks have established a deadline early next year for a 'completion date'.  Some historic properties will be excluded from the project, such as the 1620 farmhouse called "Old Farm" and the circa-1750 main building at Horizons & Cottages, which may remain a restaurant.
 
Wardman expressed support and concern for the staff (130 are Bermudian) who were the first to be informed of the decision this morning, saying, "We understand that this will have an impact on them.  As we have always done, we will continue to look out for the interests of our staff, many of whom will be offered employment with the new company.  All qualifying staff will receive severance payments as Horizons Ltd. moves into the new working alliance.  There will be exciting opportunities for training by the five star brand.”
 
Rod O’Connor echoed these thoughts by saying; “We want to be a good corporate citizen and want to enjoy, here in Bermuda, the solid reputation as a fair employer that we already have established in other, quite different jurisdictions, from Washington, DC to Hawaii.”

Wardman said;   “We are delighted to have this opportunity to move further forward and ever upward for the good of our company and the future of Bermuda.”

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For more information contact:

George A. Wardman. gwardman@logic.bm or 441-236-1765