Monday, April 22, 2024

Scotia lifeline for Intimate group

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Intimate Hotels of Barbados has been given the chance to capitalise on what is being deemed a Lifeline Policy from Scotia Bank.At Intimate Hotels’ annual general meeting at the Lloyd Erskine Sandiford Centre yesterday, Scotiabank’s director of credit solutions Roger Best told the group of 52 operators that although times were tough, the bank would still be lending them money so their businesses could remain up and running.Best said that given the current economic situation, “it was not business as usual”, and was hoping those in the organisation would see the bank’s offer as a lifeline.“We have not had any customers in the hospitality industry [closing ] . . . . We understand the times that we are in and we will be working with our customers. “It’s not business as usual. So you won’t see what we’re offering them on a flyer or brochure; but these are customers that have been good to us in the good times, and we want to work with them in the tough times,” the banking officer told the media.Best said that the top five business challenges facing small hoteliers now would be the need to improve cash flow, having access to capital, making plans for expansion and refurbishment, finding how best they could maintain quality of product, and improving maintenance and service excellence.The director noted that the bank would be offering corporate solutions such as fixed-rate options and would offer hoteliers the option to pay most of their premiums in their “high end months” while repaying the “interest” in the lower months.“Even though the times are tough, the cash flow that the customers have is not there, and the occupancy levels are down and they need cash flow. They need to keep the product at a certain quality and this is the time to do refurbishments or renovations” he added. (CT)

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