By Josiah Williams
Recent developments suggest that the government is considering reassessing bids for the sale of the Marriott Hotel or initiating a third round of bids.
Dr. Bharrat Jagdeo, General Secretary of the Peoples Progressive Party, disclosed this information during a party press conference.
The decision comes following the passing of American businessman Ramy El-Batrawi, who previously held the highest bid for the hotel.
Dr. Jagdeo emphasized that there is no rush to conclude any sale as the government is not desperate to sell the property.
There have already been two bidding rounds for the hotel, with the first yielding undesirable results.
However, in May 2023, new bids were submitted, with X, LLC tendering $90 million USD and Integrated Group Guyana Inc. tendering $86.1 million USD.
Dr. Jagdeo highlighted the profitability of the hotel, describing it as one of the most profitable in the hemisphere.
He mentioned that the government has contingencies in place, including the possibility of inviting the company to conclude an arrangement if the second bid is still not valid.
The Marriott Hotel, constructed in 2015 through a loan from Republic Bank and a $30 million USD investment from the government through NICIL, remains a significant asset.