Basseterre, St. Kitts (CUOPM) – TDC Group of Companies is reporting that the Ocean Terrance Inn, now under renovation, achieved mixed results in 2013.
According to the TDC Annual Report, the new team that now manages Ocean Terrace Inn Ltd. (OTI) was able to reduce losses in the year under review.
The Report noted that financing has been raised from the Sugar Industry Diversification Foundation (SIDF) to refurbish and upgrade the hotel plant and improve its operations.
SIDF has provided a US$5 million loan to carry out the renovation in which substantial improvements will be made to the hotel plant, infrastructure and amenities including technologies to reduce the hotels’ energy demand as well as state of art information and telecommunication platform.
The hotel has a history that stretches back to 1969 when a private home in St. Kitts, situated on the waterfront outside of the capital, Basseterre, was turned into a hotel. Since its inception, the hotel has expanded to 65 rooms and has become one of St. Kitts most popular tourist accommodation sites.
Richard Williams & Associates has been appointed by the owners to rebrand and manage the turnaround of the Ocean Terrace Inn.