The Carlton Savannah Hotel located in Port of Spain, Trinidad consists of fifty five (55) two-bedroom fully furnished[1] Apartments that are being sold to institutional investors such as the REIT as well as individual investors. Each Apartment is fully configured to be able to be converted into three separate rooms to accommodate up to 165 guest rooms. Upon signing the Purchase Agreement for the Apartments, the REIT also signs an operating agreement to allow the hotel operating company to manage the Apartments in the pool of available hotel rooms. The REIT’s return on investment will come from its proportional share of the profits generated by the hotel rooms, which is been split 65% to investors and 35% to the hotel operating company, and the lease payments from the hotel’s Health Club & Spa.
[1] Furnishings include beds, dining table, writing tables, LCD Flat Screen TVs, artwork, washer/dryer, 4-ring counter top stove, small fridge/freezer, music center and accessories.
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