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Canadian signals intention to acquire Tower Hotel
Although there has been no indication that the owner of Tower Hotel intends to dispose of the Main Street
Mike Mosgrove, President of Panther Recycling Corporation
property, a Canadian businessman claims that he is reportedly in talks to purchase the iconic edifice for a reported US$8M with a promise of another US$2M in upgrades to the facility.
The deal also reportedly includes some 200 acres of land at the Emerald Towers Resort on the Linden/Soesdyke Highway.
Yesterday, Mike Mosgrove, President of Panther Recycling Corporation, made the announcement, while emphasising that the intention is to make the landmark what it once was.
He disclosed that once acquired there will be rebranding, but the name will still include “Tower”.
Mosgrove claims that the hotel is being purchased from an individual in New York, but this could not be confirmed.
He also tried to emphasise that what is being bought is not the entity that once existed.
“I don’t want the dirty business. I don’t want anything to do with it. I am buying the assets. If we go back to the internet, I’m hearing words like bad water and I’m aware of a shooting that took place in front there a few years ago. This is something we don’t want to promote. We want to promote an honest community where you can come enjoy yourself and be safe.”
Mosgrove claims that financiers for the undertaking include Scotiabank and Lenders Direct among others.
Earlier this year the proprietors of the Tower Hotel found themselves hard pressed to pay staff and unable to pay utility bills. Several workers attached to the hotel mounted protests at the Main Street location to register their aggravation at not being paid and the company subsequently announced that it would be liquidating its assets in order to make payments.
By way of a public announcement, the Hotel announced “with regret” that it was forced to close its doors for business as of May 24. Management said that this decision was a last resort, especially given the number of employees likely to be affected.
It was explained that despite best efforts, the hotel was unable to meet certain financial obligations. It was made known that while the hotel remained asset-rich, there was insufficient liquidity to finance the day-to-day operating expenses of the hotel.
Tower Hotel’s electricity supply was cut by the Guyana Power and Light Inc. The hotel said that this was the last straw that forced management to close its doors. Alternative arrangements were made for the guests of the hotel to facilitate the closure on such short notice.
In 2009, Tower Hotel was sold to Canal Hospitality Inc, a business partnership.
Mosgrove was recently in the spotlight when media coverage forced him to abandon his US$30M recycling venture locally, when it was found that there were more questions than answers over the source of financing for the project.
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