BARBADIANS MIGHT BE about to witness an historic multi-million-dollar deal involving The Crane and Hilton hospitality brands.
DAILY NATION investigations confirmed that Hilton Grand Vacations, the timeshare arm of the international hotel brand that has operated here since 1966, is negotiating an arrangement allowing it to purchase and market a number of unsold units at the 130-year old St Philip resort.
If the ongoing discussions, which started last year, conclude with an agreement, it will give The Crane an increased presence in the North American market at a time when it is trying to diversify its revenue base following reduced sales and earnings last year.
Recently published financial figures showed The Crane, which now has an estimated $282 million asset base, earned about $4.4 million in pre-tax profits last year, a 57.3 per cent decline compared to 2015. (SC)
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