The parent company – Atlantic Hotel Inc., on Monday, refuted media reports and in the process claimed that the government owned hotel is likely to record net operating profits by the end of the year.
AHI claimed that it has received reports that at the close of August 2015, the hotel occupancy was 52%; representing an average occupancy of over 100 rooms per night for the month.
Meanwhile, occupancy of the hotel in July was 48%.
According to a release from AHI, “based on actual and projected performance of the hotel, Marriott management projects that the hotel will deliver a net operating profit by year end.
AHI said the Marriott was not in danger of defaulting on payments to Republic Bank Limited (RBL) and that Trinidad-headquartered financial institution was not the owner of the hotel.
“…as part of the legal financial arrangements with Republic Bank Limited (RBL), payment on the interest on the debt provided for the construction of the hotel is not due until the end of 2016, and repayment of the principal is not due until 2017,” AHI Explained.
During that period, interest will be capitalized in accordance with the loan agreements. Therefore there is no outstanding payment owed by AHI/Marriott Hotel to RBL, the company added.