Local construction firm Preconco Limited has been awarded the contract for the second phase of construction of the Ritz Carlton Hotel in Bermuda.
Operations Manager Joshua Read said the contractors awarded the Barbados-based company after expressing satisfaction with the progress of the project thus far, and the quality of the product.
It was in January this year that the Mark Maloney-led concrete manufacturing company was awarded the major contract ahead of several precast companies from the United States.
The cost of the project has not been disclosed. However, officials said it would create about 250 jobs both directly and indirectly, bring much-needed foreign exchange into the island, and provide an opportunity for some Preconco employees to work in Bermuda for the duration of the project.
Read said the construction was on schedule, with four of the five residences almost complete.
The second phase, he said, would see the construction of seven five-storey hotel buildings. Work is set to commence in September and will last at least ten months.
Read said the company also continued to be involved in several local projects, which were also being completed on time, while negotiations were continuing on major projects set to begin later this year.
He promised the company would be introducing new technology to Barbados with the introduction of post-tensioning – a technique that allows thinner concrete sections, longer spans between supports, stiffer walls to resist lateral loads and stiffer foundations.
To this end, the company will be investing in training of staff and new equipment.