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Marriott Hotel…

Aug 05, 2008 News

Still no word on investors as second deadline

passes

More than one month after President Bharrat Jagdeo told the public that the investors for the Marriott Hotel had requested a one-month stay before the long-awaited sod-turning ceremony, a source close to the transaction would only say that a press statement has been drafted and will be released shortly.

The statement is expected to announce the date of the ceremony, at which the investors will be named and details of the lease arrangement made public.

The Head of State has consistently refrained from naming the financiers, and has emphasised that in any large project there would be confidentiality agreement. “This is standard practice in any large business project.”

For the past three years negotiations have been ongoing to have the owners of worldwide chain of hotels build in Guyana.

Over the years, there have been speculations that the hotel might not be constructed, but the clearing of the land has laid those fears to rest.

One hiccup that stalled the project was the re-routing of the sewerage system in the Kingston area.

The contract was initially awarded to local contractor Courtney Benn, but was later rescinded and awarded to an American firm, Adam Development/Urbahn Associated.

The intent of the project, according to ADUA, is to establish a modern, iconic, state-of-the-art hotel, Casino, and entertainment complex in Georgetown — capital city of Guyana.

It is expected to be an extensive, secure facility with a wide range of accommodation, entertainment, restaurant and concession offerings, and developed according to the highest international standards.

The complex is expected to attract visitors from abroad, especially the Caribbean, North America and Brazil.
The main compound will consist of a world-class hotel, Casino, nightclub, and restaurants, all contained in a single building.

The proposed development will be located on a 6.27-acre parcel of land located in northwest Kingston, Georgetown, contiguous to the Atlantic Ocean and the Demerara River.

The total building area of the hotel, Casino and entertainment complex, excluding parking, is approximately 185,000 square feet. The building complex would rise to 10 floors.

The hotel portion of the complex would be approximately 135,000 square feet, consist of 160 rooms, and be operated by Marriott International.

The Casino and entertainment portion of the complex would comprise approximately 50,000 square feet and be located on three levels.

ADUA has identified its investment to be US$52 million, with an average yearly turnover in the first 10 years of approximately US$11million.

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