Another update. This article mentions a groundbreaking in November 2011 and then 24-36 months of construction after that.

So if this does eventually come to fruition, it will be a while:

http://www.hotelinteractive.com/arti...rticleid=18552

This article also mentions Park Hyatt's financial support of the project:

http://bermudasun.bm/main.asp?Sectio...rticleID=48722