“What is especially galling is that we are expected to pay this new solid waste tax imposition before we receive the tens of thousands of Dollars we are still owed in NIS and VAT refunds…”
When my now wife and I ‘discovered’ a then virtually derelict Arawak Inn back in 1988, we never really set out to become seasoned hoteliers. More like having the privilege of living in a big ‘house’ right on the ocean and sharing it with a few friends and the many clients who followed us over the years with our British based tour operators business. Every restored and occupied room was another gallon of paint or new soft furnishing.
Our first major setback came when after paying the initial deposit to buy the hotel, the value of Sterling plummeted from over BDS$4 to the Pound to BDS$2.88 at the time of completion. As all our funds were brought in from overseas, there was no alternative as an option.
Effectively this wrote-off literally every cent we had budgeted for renovation and improvement of the property. As new residents it was virtually impossible to borrow monies from the banks. They wanted a trading record, three years of audited accounts, cash flow forecasts and business plans among many other requirements. Suppliers, with very few notable exceptions, would not grant us credit and so we learnt very quickly, how to not only survive, but flourish and transform the hotel from earned trading revenue.
While easy to say now, in hindsight, it was probably the best thing that happened, leaving us totally debt-free years later. Continue reading