Fiesta Inn not likely to close down

No one involved in the situation at Fiesta Inn is in any hurry to talk to the press but a picture is slowly emerging as to what the future holds for Belize’s largest hotel, now in receivership. In a short phone interview today with News Five, receiver Stanley Ermeav of K.P.M.G. Peat Marwick explained that as far as the public is concerned nothing will abruptly change at the hotel and it will be business as usual. His first task will be to take stock of the situation in order to make an evaluation and assessment. Ermeav explained that the existing management agreement with the Posadas Group of Mexico is still in force and that it makes sense for all parties involved to work together to preserve and enhance the value of the asset. Ermeav would not comment on specific plans for the one hundred and nineteen room hotel, which employs over a hundred Belizeans. Industry observers have pointed out, however, that the fact that the Belize Bank took a business decision to purchase the hotel’s outstanding notes in the first place, means that it believes there is a good chance that a profit is there to be made. Whether that profit comes from successful operation or sale to a third party, there seems to be little to be gained at this point by closing the hotel’s doors.