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I am pleased to announce that the National Insurance Fund has purchased the Grand Lido Braco Hotel in Trelawny. NIF has paid total of US$23 million to acquire both the resort hotel and approximately 48 acres of adjoining subdivided land. The hotel will continue to be managed by Superclubs under the terms of an opera-6ng lease. The improving occupancy levels, which are being recorded, augur well for the future viability of this important investment.
The completion of the sale allows Braco Resorts Linstead and CENM Investors Limited, the developers, to settle outstanding obligation to their creditors under TIS the terms of a comprehensive agreement that was sign d last month. While the creditors are no doubt relieved that the martyr has now been finalised, I
would wish to mention in particular that the workers who built the hotel will be receiving
in full their final payments in relation to the construction. These workers will be paid
by cheque by CFC Construction (Engineer) Limited at the St Ann's Bay branch of National
Commercial Bank order Thursday, December 14, 2000 between the hours of 2.30 p.m. and 4.30
p.m. This 1ocation has been chosen by arrangement with NCB in order to facilitate the
immediate encashment of their cheques if workers so wish. Workers who wish to collect
their cheques after December 14 should go to the St Ann's Bay offices of CFC Construction
(Engineers) Limited.
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