Hilton Barbados has recorded a profit for the last three consecutive years and while it is projected to continue making money, the hotel plans a $12 million upgrade over
the next 36 months.
That’s according to Minister of Finance Chris Sinckler, who has reported a turnaround 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 on Saturday 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 recommissioned hotel has emerged from some six years of 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.