Hilton Barbados has recorded a profit for the last three consecutive years and is projected to continue making money.
That’s according to Minister of Finance, Chris Sinckler, who is reporting a turn-around in the government-owned hotel managed by Hilton International.
“In 2011, from a revenue return of $16.445 million, an Owner’s Return of $13,272,177, we saw the first profit come to Needham’s of $650,150,” the minister revealed yesterday, while declaring open a $1 million gym at the Needham’s Point site that will cater to residents, hotel guests, and other tourists.
According to Sinckler, this means that the hotel has emerged from its growing pains and should have a steady performance going forward.
“To the extent that this happened, it means that the hotel has stabilised; has maintained a rate of revenue intake of around $59 million, Owner’s Return in around $13 million, and was beginning to turn a profit and I’m happy to tell you that in 2012, it also turned a profit of $332,000. You know 2012 was a very tough year for the tourism sector. But in 2013 for the first time since its reopening, this property was able to turn a profit of $1.260 million,” he said.
The finance minister was full of praise for the managers and supervisors, who steered the Barbados landmark property onto the path of profitability.
“I think the management of the hotel, and of course the board and management of Needham’s Holdings Inc., should be congratulated for turning this situation around, stabilising it and bringing profits to this hotel,” he said.
Sinckler also said that unaudited figures are already indicating good financial returns for the current winter season, up to January 2014.