BASSETERRE, ST. KITTS, AUGUST 26TH 2013 – Plans are in train to refurbish and improve the operations at the Ocean Terrace Inn (OTI).
The hotel’s parent company, the St. Kitts-Nevis-Anguilla Trading and Development Company (TDC) in its recent annual report for 2012 said the upgrade is to be done with financing from the Sugar Industry Diversification Foundation (SIDF).
The Directors said the company hired a consulting firm headed by an experienced and reputable former Caribbean hotelier to help stem the losses at the hotel and improve its operations.
“The consultants have reported on all aspects of the hotel’s operations. As a result, the directors have agreed that a substantial investment is needed to resuscitate the business and stem the recurring loses. Towards this end, financing at concessionary terms has been raised from the Sugar Industry Diversification Foundation (SIDF),” the report said.
The SIDF recently announced that it was lending US$5 million to OTI – the Federation’s oldest boutique hotel.
“The loan to the landmark hotel will include substantial improvements to the hotel plant, infrastructure and amenities and the use of state of the art green technology for energy conservation,” said the SIDF.
It added that the partnership reflects the confidence of TDC and SIDF in the future of the tourism sector as a key component of the country’s economy.
“In making the loan, SIDF is executing one of its purposes of supporting, financing or undertaking the development of new and existing industries, projects or enterprises,” the SIDF statement said.