Govt ‘not desperately looking to sell’ Marriott Hotel – Jagdeo

The content originally appeared on: INews Guyana
Guyana Marriott Hotel

The government may have to reopen bids for the sale of the Guyana Marriott Hotel at Kingston, Georgetown following the passing of the highest bidder.

The prospective buyer of the Guyana Marriott Hotel, American businessman Ramy El-Batrawi, who topped two rounds of bidding for the hotel, passed away on Tuesday.

Speaking at his weekly press conference on Thursday, Vice President Dr Bharrat Jagdeo said government’s options include to engage the company with the second highest bid or keep the hotel.

“We may have to invite in that company with the second bid and if the bid is not valid [anymore], the government may decide to go back out or keep the hotel,” he said.

Jagdeo added that “there is no rush to conclude anything here because we are not looking to desperately sell [the Marriott Hotel].”

X LLC, owned by El-Batrawi, had bid US$90 million to purchase the hotel. Coming in second was iNtegrated Group Guyana Inc., with US$86.1 million.

The first round of bids for the hotel had also included Owner of Pegasus Robert Badal with US$55M, Princess Hotel with US$50M, a Jamaican Company – NCB Capital Markets Limited with US$33M, and Muneshwers Limited with US$25M.

However, a second round of bids was requested by the government, with the least acceptable amount being US$85M, of which only X LLC and iNtegrated Group Guyana Inc. resubmitted.

Government had decided to pursue the sale with X LLC. Since then, the company had been in negotiations with the Guyana Government through the National Industrial and Commercial Investment Limited (NICIL) to iron out the sale terms and was expected to sign the contract soon.

The Guyana Marriott Hotel, which opened in 2015, was constructed to the tune of US$58 million. A feasibility study conducted by a Miami-based firm, HVS Consulting, back in 2010 had outlined that the Marriott Hotel is likely to be sold ten years after its operationalisation at some US$76.1 million.