Owners of the property, St. Kitts-Nevis-Anguilla Trading and Development Company (TDC), has been seeking new measures to help stem the losses that have been experienced in recent years and earlier this year benefited from a special loan programme.
The effort is also designed to improve the overall operations of the hotel.
The US$5 million loan from the Sugar Industry Diversification Foundation (SIDF) will be used to undertake substantial improvements to the hotel plant, infrastructure and amenities and the use of state of the art green technology for energy conservation, according to SIDF when it confirmed the agreement to provide the financing.
Owners of the property have indicated that they are now seeking to act on the recommendations contained in a report from the consultants.
The OTI has had a long and outstanding track record in the local hospitality sector, attracting guests from all corners of the world. It also was, for many years, the hotel of choice for many Caribbean and extra regional business visitors.
It was one of the first properties to be owned and operated by Kittitians when it was launched by the Pereira family. It was later sold to TDC.