The Aruban Resort re-opens

ORANJESTAD — The Aruban Resort will be re-opening. The Aruban investment bank AIB is granting a loan of 750.000 dollars (in round figures 1.4 million florins).

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The government will stand surety for the amount. The American Royal Resort, engaged by the banks and by timeshare owners, will be managing the hotel for the time being.

Moreover, ninety percent of the more than 200 dismissed co-workers will be re-employed.
During a press conference this morning, Tourism-minister Otmar Oduber (AVP) said that the government acts as ‘secondary guarantor’. In first instance, the hotel will repay the loan from its revenues. If that is not sufficient, one could still claim the money, which the timeshare holders have deposited into an escrow-account for the maintenance.
AIB manages this account. According to Oduber, this account holds an amount of 2.4 million dollars. "In any case, there is sufficient money for the next ten months. If money is still needed after that period, then it regards 350.000 dollars, which the government will possibly have to pay." The hotel yields an annual amount of 20 million dollars for Aruba, in which case 350.000 dollars is not much, according to the Minister. Moreover, the timeshare owners also stand surety first. They have collected 300.000 dollars in case there are any problems with the repayment of the loan. "The government will only come on if none of the above works out" according to Oduber. Furthermore, he requests strict monitoring of the management of the hotel after the opening.

Nevertheless, the agreement still requires the parliament’s approval. The Minister forwarded a letter to the States today, requesting an emergency debate on The Aruban Resort. The timeshare owners and banks who had placed a claim on the hotel after the bankruptcy on December 17th, will be signing an agreement with the AIB this Friday. It is possible that the hotel could receive a touchup first on Saturday, as the complex and facilities, such as the swimming pool, had not been kept up for months. Minister Oduber expects that the hotel will re-open in about ten days’ time. The Key Largo Casino, which had been declared bankrupt on December 29th, will also re-open in due course.