RANKIN INLET - More than 100 people braved chilly temperatures to attend the grand reopening of the Siniktarvik Hotel in Rankin Inlet this past week.

Elder Ollie Ittinuar cuts the ribbon for the grand reopening of the Siniktarvik Hotel between Arctic Cooperatives Ltd. president Bill Lyall, left, and Kissarvik Coop board president Ross Tatty, right, this past week in Rankin Inlet. - Darrell Greer/NNSL photo

The hotel has undergone more than $750,000 in renovations since it had been taken over by the Kissarvik Co-op in Rankin.

Co-op manager Walter Morey said the renovation process has been a lengthy one, and it was a special feeling to watch elder Ollie Ittinuar cut the ribbon this past week.

He said the ceremony coincided with the Arctic Co-operatives Ltd.'s (ACL) board of directors' quarterly meeting, which was also held in Rankin.

"We wanted to do something special to let people know we've completed our renovations and the facility is a far cry from what it was 18 months ago," said Morey.

"We're proud of what we've accomplished, and we wanted to have our Co-op members celebrate with us."

A host of dignitaries spoke at the reopening, including ACL president Bill Lyall, former Rankin Co-op board president Nicole Sikma, MLA Tagak Curley, elder Annie Tatty and local board member Harry Towtongie.

The hotel's main lobby has received a substantial facelift, as has the its dining-room facility and kitchen.

Some structural work on the foundation was also completed, as well as upgrades to the rooms in the newer section of the hotel.

Morey said he views the money spent on the renovations as a symbol of the Co-op's commitment to the community.

He said the upgrade was done for the benefit of the local Co-op membership and the travelling public.

"The members of the local Co-op board share the same excitement, especially those who have seen this project come so far.

"It's been a long time since the Co-op began here 41 years ago, and it's never been stronger.

"This reopening marked another milestone of just how we've come with the Co-op in Rankin Inlet."

The Kissarvik Co-op has just about defeated the $2-million deficit it faced five years ago.

Morey said he expects the deficit to be totally eliminated before the end of the Co-op's fiscal year.

"It looks like we'll be in a patronage payout situation by the end of the year.

"Some people who have supported the Co-op will see part of the dividends paid on their accounts, and the other part will be built up in equity.

"We haven't seen August's financial statements yet, so it's quite possible we could actually be in a surplus situation as we speak."