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That Duke Lodge sale

Dec 30, 2008 Letters

Dear Editor,
I refer to an article appearing in the Kaieteur News of December 25, 2008, captioned, “Gouveia buys Duke Lodge after Govt. spends $$M on rehabilitation”.
I am somewhat confused over the deal and seek an explanation, as to why the building was only sold for $140 million after the Government had spent $80 million (President Jagdeo says $30 million) on rehabilitating the premises.
To my mind the site is worth much more because of its location, and when taken into consideration that millions of dollars were used for rehabilitation, I am surprised at the price it was sold for. I am of the opinion the building, prior to rehabilitation was worth the same amount ($140 million), so why spend that huge amount and sell for $140 million.
Something smells here! I am not the brightest of persons, so I ask the authorities to explain this deal in a much clearer fashion.
Michael Anthony

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