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Le Meridien upgrades infrastructure to raise sale price

Sep 23, 2008 News

With the sale of Le Meridien Pegasus looming, reports have come in from certain ‘regular clients’ of the hotel, who have apparently met with the hotel’s management, that there is a quest to find ways to improve the services of the hotel.
Reports are that there is an undisclosed sum of money which the management of the company cannot take out of Guyana. This sum of money, the reports state, is being re-channelled into the development of the infrastructure of the hotel, so as to raise the possible sale price.
But a source in the Le Meridien management team explained that the hotel has constantly been upgrading the rooms and various pieces of infrastructure of the hotel.
The hotel has apparently been up for sale for quite some time now, but due to the fact that the franchise’s contract, which expires in October, was still active, the hotel could not be sold.
Cara Hotels reportedly offered US$14 million for the hotel some time last year, and this was no secret.
This year, Mr Robert Badal, who holds a franchise for Popeye fast foods, directed some potential investors to the Le Meridien.
When contacted, Badal said that after that initial meeting with the potential investors, he had no contact with the investors, two of whom are from the United States, and one, a woman, from Trinidad.
He said that the three may have been partners.
Sources close to the hotel have actually speculated that Badal had bought the hotel, and one newspaper proclaimed that Le Meridien was sold.
The National Insurance Scheme holds four per cent shares in the hotel, and has a keen interest in any sale at this time.

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