ACREDITOR of Odyssey Resorts International has appointed a receiver at the Odyssey St Lucia after it overspent on a renovation project.
The US-based GMAC Commercial Credit has put management company Splash Resorts in control of the renovation programme. The scheme was budgeted at $5m but Odyssey wanted to spend a further $4m.
Odyssey’s chief financial officer Diane Kost said Odyssey still owned the hotel.
“We have no plans to sell it and GMAC have no plans to liquidate it,” she said.