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Marriott Hotel not in default of loan repayment – says AHI

Sep 29, 2015 News

A statement from Atlantic Hotel Inc (AHI) said that it wishes to correct two misleading and inaccurate reports by the Kaieteur News. One article was titled “Marriott in danger of defaulting on Republic Bank payments” on Thursday September 24, and another “Republic Bank now ‘de facto’ owners of Marriott” was published on Friday.
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 said.
“In fact, during this period, interest will be capitalized in accordance with the loan agreements. Therefore there is no outstanding payment owed by AHI/Marriott Hotel to RBL.”
Based on actual and projected performance of the hotel, AHI said, Marriott management projects that the hotel will deliver a net operating profit (measured in cash flows) by year end.
“It also projects that the existing working capital is adequate to cover all operating expenses and as such the shareholder will not be called upon to inject any funds into the operations of the hotel.”
The management of Marriott has reported to the AHI Board of Directors, that for the month of August, the hotel occupancy was 52% representing an average occupancy of over 100 rooms per night for the month. Occupancy of the hotel in July was 48%. Food and Beverage performance is also exceeding its budget, AHI said.

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