Investment firm gets final approval for Marriott branded hotel at CJIA

See full statement from Cardinal Investments Inc below:

Cardinal Investments Inc, a company owned by Roy and Denise Bassoo, has executed final agreements with Marriott International for a 140-room Courtyard by Marriott hotel at the Cheddi Jagan International Airport (CJIA). The hotel is projected to cost US$20 Million and is expected to open in early 2023.

Four agreements were executed by Roy Bassoo on behalf of Cardinal Investments: (i) Hotel Management Agreement; (ii) License and Royalty Agreement; (iii) International Services Agreement; and (iv) Technical Services Agreement.  Mr. Eduardo Reple, represented Marriott International at the signing.  Agreements were witnessed by local counsel, Mr. Steven Fraser.

A commemorative handover was held at the Guyana Marriott where Mr. Eduardo Reple, on behalf of Marriott International handed over the executed copies of the agreements to Mrs. Bassoo, Corporate Secretary of Cardinal Investments Inc. He also commended them for their “pioneering vision” in pursuing a new Marriott International Hotel in Guyana. Witnessing the handover were: Minister Juan Edghill, Minister of Public Works with responsibility for the airport, Dr. Peter Ramsaroop, Chief Investment Officer, Go-Invest and advisor to the project company, Mr. Winston Brassington

Minister Edghill recognizes the development of this hotel as a “Kairos moment” in Guyana’s hospitality sector. Minister remarked that “development has an expiry date and so we must take advantage of the opportunities presented to us right now” and that “investments made by the private sector spearhead development and when businesses thrive the country as a whole can also reap the rewards.” As a frequent traveler, Min. Edghill further recognized the urgent need for a hotel at the CJIA, in light of the growing business opportunities in Guyana. Minster Edghill expressed how delighted he was that this significant ceremony is taking place at the Georgetown Marriott and wished the Bassoo Family success who are well known for their Construction expertise.

Chief Investment Officer for Guyana and CEO of the Guyana office for Investment, Dr. Peter Ramsaroop “is exuberant to expedite the commencement of this project as it will be the first major airport hotel in Guyana and dramatically improve the caliber of Cheddi Jagan International Airport. Moreover, the hotel will be a one-minute drive from the entrance of the CJIA and is expected to accommodate airline crews and staff, business personnel, diplomats, and other travellers. As such the development will facilitate the ease of doing business for investors and establish convenient accommodations for tourists”. Dr. Ramsaroop further mentioned “that the project is fully supported by the Government of Guyana and this is the second Marriott International hotel in Guyana since its inception under the previous PPP/C administration and will continue to provide outstanding hotelier services under a reputable and longstanding developer, Bassoo Building and Civil Engineering Contractors”.

“We are thrilled to bring the Courtyard by Marriott brand to Guyana and further expand our portfolio in the market, “said Laurent de Kousemaeker, Chief Development Officer, Marriott International Caribbean and Latin America. “The collaboration with Cardinal Investment, Inc. was key to forging the deal, which will give business travelers and other visitor additional choices in the destination.” The Courtyard by Marriott at the CJIA will be the second Marriott International brand in the country and the hotel brand of choice for ambitious and enterprising guests who see business travel as a driver of personal fulfillment and professional growth. Courtyard provides opportunities for guests to pursue both their personal and professional passions on the road. With more than 1,200 locations in over 53 countries and territories, Courtyard is proud to participate in Marriott Bonvoy, Marriott’s award-winning travel program.

Cardinal Investments Inc. is the special purpose company created by Roy and Denise Bassoo, that will design and construct the 140-room Courtyard by Marriott hotel at the Cheddi Jagan International Airport on 2.5 acres of land leased from the government.

In December, GO-Invest executed an MOU for the project in line with incentives being granted for all new projects. Financing for the project will come in part from syndicated financing led by Republic Bank.

That same month it was announced that R. Bassoo and Sons had entered into initial agreements with Marriott International and the Government of Guyana to design and build the hotel. These agreements follow the company’s response to the Government’s request for proposal (RFP) and include a Letter of Intent (LOI) with Marriott International, a completed market study by Hotel Valuation Services (HVS), one of the foremost hotel valuation firms and a conceptual design by Urbahn Architects (New York’s 2019 Design Firm of the Year). Republic Bank of Trinidad and Tobago has also made an indicative offer of financing. Republic Bank has arranged over US$100 Million in financing for other real estate projects in Guyana including Movietowne, the Pegasus Corporate Offices and Suites and the Georgetown Marriott hotel.