parcel near to the most popular public beaches, with its own private beach club and golf course. Cottage colonies, such as the Cambridge Beaches, also became a popular alternative to traditional hotels, with visitors renting discrete cottages on a resort property, usually with its own private beach, and served by a common building with guest services and a restaurant or dining room. The Princess was able to cater to a degree to these new holidaymakers with a cottage colony of its own on the headland at the Pitt's Bay side of the hotel, which had formerly been the site of the Bermuda Coal Company's wharf. The hotel was rebilled as The Princess Hotel and The Cottage Colony. Its location simply did not allow it to compete directly with the new beach resorts. Although tourism visitors have remained an important part of its clientele, with Bermuda's post-war development as a financial centre (it has long been the global centre of the Reinsurance industry, and international business, not tourism, has been its primary source of revenue for decades), the hotel has taken full advantage of its proximity to the City of Hamilton, and its modern, business-friendly features (from internet connectivity in guest rooms to facilities suitable for business conferences), to cater to the numerous business travellers who have little time for sunbathing or golf (its only competitors for this business would have been the Hamilton Hotel), which burnt down in 1955 and was replaced by the Hamilton City Hall, and the Bermudiana Hotel, which also was destroyed by fire in 1958. Although replaced by a new Bermudiana Hotel, the long decline of Bermuda's visitor industry led to its closure (it was sold in 1993 and levelled, the site being redeveloped as office space, including the ACE and XL buildings). In 1959, American tanker billionaire Daniel K. Ludwig purchased the hotel. As part of the deal to build a new luxury hotel - The Southampton Princess - The Princess was renovated: the last parts of the original wooden structure were replaced with masonry in 1962, and the cottage colony was levelled and a new Pitt's Bay wing built and lounges added. Affluent neighbours of the hotel objected to the original plans to match the height of the existing structure, and approval was granted only for the resulting three-storey wing. Ludwig made The Princess hotel (after 1972 often referred to as the Hamilton Princess