Almond dud
Almond’s Casuarina Hotel. (Internet Image)
By Geralyn Edward | Tue, January 17, 2012 - 12:11 AM
The faltering Almond Hotel Group is not only a drag on the financial results of its parent company Neal & Massy, but it contributed significantly to the 2011 net loss of another Barbadian company.
Goddard Enterprises Limited (GEL) has told its shareholders it was forced to write off $14.3 million as a failed investment in the Almond’s Casuarina Hotel here and Almond Morgan Bay in St Lucia.
Goddard’s managing director Martin Pritchard said GEL became a major investor in the two hotels of the Almond Group in late 2004 along with Almond and Barbados Shipping & Trading but now admitted it was a bad investment.
Pritchard told the DAILY NATION: “The write-off was necessary as the hotels had never produced the return over the period 2005 to 2011 and, in fact, the auditors were pressuring us to make a provision so we bit the bullet . . . and we have completely written those investments off.”
Read the full story in today's DAILY NATION.
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If these were Casino hotel facilities there will be no need to write off the investments into these hotels.We in Barbados going to wait until the worst case scenario hits our tourism industry to realize nothing can like gambling can.
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