When you put clowns in charge, you get a circus

People who have only been successfully in closing businesses cannot lead any organization. The board of the NHT has one vocal man who has no experience in running a business but is very experienced in ruining many business here in Jamaica.

In attempting to justify the bad purchase, I heard the following ” there is too much misconceptions, NHT did not buy a attraction it bought land. The land was valued at $300m and we got it for only $190m or $0.60 on the dollar, which makes it a bargain, If we were to sell at forced sale value we would make at least 20%”.

While the maths maybe correct, the premises on which that is built is wrong and that explains why this former union boss was so successful in closing many viable business in Jamaica.

Not only does his explanation not appear to be ¬†in sync with the Chairman, who told us he planned to spend $111m to “fix up ” the land, hahahha, but the meeting notes suggested that the former owner offered to stay on and oversea the operations of the “land”, remember they did not purchase an attraction, they purchased land.

Now I know that any businessman that see potential in land, is NEVER going to allow the GOJ to get their hands on those Prime land, so again that new line is as comical as the first.

When you put clowns in charge, you get a circus, so welcome to the circus known as the NHT.

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2 Responses

  1. NHT board members have made the NHT a circus

  2. http://mobile.jamaica-gleaner.com/gleaner/20141029/business/business1.php

    Douglas told Wednesday Business that the NHT acquired the site “lock, stock and barrel”, but then qualified that the deal excluded some of the furnishings, which the agency did not need.

    The sellers initially sought $311 million for Outameni, but NHT finally acquired it for $180 million, “based upon the valuation that we had done,” the chairman said

    The agency, which hopes to have the facility up and running within this financial year, will spend $111 million on upgrades over a three year period.

    “We project to spend $66.7 million in operating cost for the first year, with income projected at $50.1 million for the first year,” Douglas told Wednesday Business.

    He also said the housing agency was optimistic that it could deliver a profitable and diversified attraction to the north coast.

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