Works commence on US$100M Pegasus business suites

Oct 11, 2018 News

Works underway, on the Pegasus Property

Works on the Pegasus Suites and Corporate Centre have commenced on owner Robert Badal’s Kingston property, next to the current Pegasus Hotel.

The upcoming hotel represents one of the largest investments (US$100M) of the local private sector in Guyana. Plans for its construction indicate that there will be a 12-storey hotel to provide luxury accommodation, which will feature bars, restaurants and entertainment facilities, as well as long term accommodation. A second tower, intended to be the hotel’s corporate centre, will be built alongside the Pegasus Suites. Badal intends for it to feature first world offices and conference facilities.

A release by Pegasus earlier this year had stated “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.”

The owner expects the new towers to benefit the city, and the Guyanese economy at large, from enormous rates and taxes, as well as employment opportunities for hundreds of Guyanese. Badal said that, even in the construction phase, most of the 300 workers are Guyanese. Local contractors are also benefitting from the solicitation of their services as well as building materials for the centre. Badal said that the hotel will contribute more than $200M in revenue via Value Added Tax (VAT) to the economy, in its first year alone.

A public advisory by Pegasus Hotel states that a fence has been erected on a portion of the northern parapet of Seawall Road in the interest of public safety, and that the business has received all necessary permissions and cooperation from the Ministry of Public Infrastructure.

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