A Heads of Agreement has been signed for the management, marketing, and operation of the NAPA Hotel.

This took place today, with the signatories being NAPA and Kent Investments (Trinidad) Limited.

Under the Agreement, Kent Investments will be responsible for managing the hotel’s full suite of operations including front desk, housekeeping, food and beverage, sales and marketing, and revenue management.

The initial term will be five fiscal years, with the option to renew for subsequent five-year periods.

Housed in the northern wing of NAPA’s Port of Spain location, the Hotel consists of 53 rooms across five floors, including luxury suites.

Since inception, the Hotel has been used to facilitate specific visits and/or events but was never fully utilized.

The Ministry of Tourism, Culture and the Arts has listed Key Terms of the Agreement as follows:

• Kent Investments (Trinidad) Limited will be responsible for managing the hotel’s full suite of operations including front desk, housekeeping, food and beverage, sales and marketing, and revenue management.
• The initial term of the HMA will be five (5) fiscal years, with the option to renew for subsequent five-year periods.
• Kent Investments (Trinidad) Limited will be entitled to: a management fee of 4% of gross revenues, and an incentive fee of 11.5% of gross operating profit.
• NAPA will contribute 4% of gross revenues annually to a capital expenditure reserve and will bear the costs of all pre-opening expenses.
• NAPA is expected to generate a strong return on its investment well above the industrial standard of 10%.

According to the Ministry, permanent employment will be created for 73 persons when the Hotel becomes fully operational.

It also expects significant revenue for the State over five years, including: