…at the four operational GEMS hotels up until December 2001.
Based on a total inventory of 309 operational rooms and allowing for a higher than national average annual occupancy of 60%, Hotels and Resorts Ltd (GEMS) managed to lose more than $150 for EVERY single night each room was occupied. This is just one of the staggering facts revealed in the Barbados Business Authority and Broad Street Journal article ‘A Gem of a financial report’ by Pat Hoyos today.
What has happened after December 2001, of course is anyone’s guess, as the company has not submitted any accounts for 2002, 2003, 2004, 2005, 2006 and 2007. In this article, Pat Hoyos, mentions another capital injection of $150 million, then another $10 million to meet interest commitments.
It is no wonder that the Government is so reluctant to release more up-to-date figures!
Adrian Loveridge
12 November 2007
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Barbadians Do You Want To Discuss The Financial Statements Of Hotel And Resorts Ltd, AKA GEMS?
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