Magdalena Grand up for sale

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Magdalena Grand up for sale

The Magdalena Grand Beach and Golf Resort has been struggling for some time, and now government is seeking to offload the Tobago based hotel.

The news of the sale was revealed via an expression of interest on the Evolving Technologies (eTecK) website on Friday.

The request for expressions of interest is for any qualified international operator, investor and/or purchaser for the resort. The entity/entities must have a proven track record to provide a structure to allow for the renovation, repositioning, branding and an overall plan to improve the performance of the resort.

ETecK, which is responsible for the lease operatorship of the resort, had entered into an agreement with an international operator in 2012 to manage the operations and drive revenues and occupancy levels of the hotel since its rebranding and reopening.

ETecK oversees capital works on the resort, which comprises 178 rooms and 22 suites.

The expressions of interest gives prospective parties three options:

1) An internationally branded operator to manage the resort ,or a third-party hotel management operator, with the brand being franchised;

2) Investor for the property – a strategic partner who will provide capital investment and bring the necessary management and branding expertise.

3) Outright purchase of the entire resort.