Cayman Airway’s pending purchase of Sammy’s Airport Inn for use as its corporate offices makes economic sense, Minister of Tourism Charles Clifford said Friday at the Cabinet press briefing.
Mr. Clifford confirmed Cabinet had already approved the purchase in principle, subject to Cayman Airways working out the necessary financing.
In mentioning Cayman Airway’s possible purchase of Sammy’s in his National Heroes Day address, Leader of the Opposition McKeeva Bush said the airline ‘certainly cannot afford this kind of expenditure’.
Mr. Clifford thinks differently. He explained that Cayman Airways employees are now scattered in many locations.
‘They’re in nine separate locations all over the place,’ he said.
Not only does the situation require the payment of rent, but it also affects the efficiency of the airline, Mr. Clifford said.
‘We decided it makes more sense economically to have everything under one roof,’ he said. ‘The money to service the loan will be less than the rent being paid, and we’ll be building equity.’
Mr. Clifford stressed, however, that the sale has not yet been finalised.
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