Published On: Thu, Sep 24th, 2015

Schotte sketches only part of story Marriott

MarriottWILLEMSTAD – The Leader of the opposition party MFK, Gerrit Schotte presents only part of the sales pitch of the Marriott hotel. This is according to Mike William, who supervises the sale.

According to the former Prime Minister the hotel has been basically given away for a friendly price to friends. But, according to Willem, Schotte forgets to mention what the prospective buyers want to invest in the hotel. For example, the Orco Group wants to pay 25 million guilders for the property, but indicated that they want to invest 52 million guilders to improve the hotel.

The Lionstone Group will pay 3 million more, but will only invest half of want Orco Group wants to invest.

The Rif Resort Inc., which owns the property operated by the Marriott Hotel owes the government 130 million guilders and is technically bankrupt.

In case no agreement has been reached with Orco Group, the committee headed by Willem will simultaneously start negotiations with the Lionstone Group, which came in second as a potential buyer of the property.

The party with which the first full compliance is reached and which deposits the full 750.000 dollars, will be presented to the government for final approval. It will be also submitted to Rif Resort Inc.

After consent of the government and Rif Resort, the ultimate candidate will then be submitted to Marriott for approval. This is based on the agreement with the hotel operator, the so called “right of first refusal” in the sale of the premises. If Marriot decides to make use of this right, it has to happen within 60 days and the purchase price must be at least 95 percent of what has been specified to Marriot.

Marriot, at least until now, has not indicated that they will make use of this right.

Click Tag(s) for Related Articles: