Pegasus readies for foundation works in US$100M expansion

Jul 07, 2018 News

The Pegasus Suites & Corporate Centre is set to commence preparatory works for foundation and land filling.
The project, adjacent to the iconic Pegasus Hotel, represents a US$100M investment, making it one of the largest local private sector investments ever to be undertaken in Guyana.

An artist’s impression of the Pegasus Suites & Corporate Centre

It comprises two towers – a 12-storey one providing luxury accommodation and a connecting seven-storey corporate centre providing what Pegasus owner, Robert Badal, insisted would be first world offices and conference facilities with restaurants, gym and spa.
“This investment brings a new model of business tourism complementing the current hotel and entertainment facilities at Pegasus Hotel. Companies doing business in Guyana would now be able to have Grade A offices and accommodation on the same location. Many expat companies that have their offices in Trinidad and beyond who are developing businesses in Guyana would now find it more competitive to move some of their administration and other activities to Georgetown, bringing significant employment,” Pegasus explained in an update.
The office presence brings additional long term accommodation with spinoffs for the Pegasus Hotel, its bars, restaurants and entertainment facilities.
“In consequence, this project brings significant economic benefits to the Guyanese economy in terms of sustainable employment, taxes (income, corporate and VAT), foreign exchange earnings and the multiplier economic effects that private sector investments bring.
“In fact in the first year of operation this project would contribute in excess of $200M in VAT to the national coffers.”
Badal said that even during the construction phase, there will be employment of 300 persons, with 60% being local. There will also be the effects on expanding business of local businesses and sub-contractors, truck drivers, suppliers of stone, sand, steel, wood and concrete which would significantly impact the growth of the economy.
The new towers and office centre would be built just east of the current hotel, in the tennis court area. It overlooks the seawall.

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