The Carlton Savannah hotel has been placed in receivership by State bank First Citizens.
Described as an upscale boutique hotel, The Carlton Savannah has been in “semi-receivership” during the past four years and although it has continued to operate, industry sources said yesterday.
The hotel is adjacent to the Queen’s Park Savannah in Port of Spain.
It has 157 guest rooms and 51 suites.
Queen Elizabeth II and her husband Prince Philip and their entourage stayed at the hotel during the Commonwealth Heads of Government Meeting in 2009.
First Citizens said in a statement to the Express yesterday it was working with all stakeholders to ensure the “best possible outcome for all concerned under the circumstances”.
But the hotel, which also operates several bars and restaurants, has struggled to turn a profit over the past few years, leading to it being placed in receivership last week.
Sources close to The Carlton Savannah’s operations told the Express that local minority shareholders met with First Citizens and agreed that a receiver should be appointed.
Two partners at audit and consultancy network Deloitte in Port of Spain have been appointed receivers.
Sources confirmed yesterday that the Carlton Savannah will continue to operate as a going concern while possible sale options are looked at.
A British company which was a primary shareholder pulled out of the hotel several years ago, leaving several local minority shareholders.
Private real estate investors were sold suites at the hotel when it was opened.
The Express was informed that investors were refunded the money they paid for the suites. Management of the company’s operations are now being handled by the receiver and Carlton Savannah transactions received after October 8 are only to be processed at banks if they are authorised by the receiver, the Express was told.
The Carlton Savannah was fully finished in 2011 after two years of battling cost overruns.