Tower Hotel says business dropped dramatically
-will sell assets to pay workers
Explaining its abrupt closure on May 23rd, the Tower Hotel yesterday said its business had declined dramatically in recent times and it assured that assets will be liquidated to pay outstanding amounts to its employees.
Its statement after days of silence signals that the hotel which had operated from the Main Street location for more than a century will likely not resume business.
“In recent times, the Hotel has seen a dramatic decline in business and despite the best efforts of management; the hotel was still unable to meet certain financial obligations… While the Hotel remained asset rich, there was …..To continue reading, login or subscribe now.