US$65M highest of six bids to buy Marriott Hotel

The government has decided to sell the Marriott Hotel in Kingston, Georgetown and six bids were received by the National Industrial & Commercial Investments Limited (NICIL) after it issued a prequalification notice and invited bids from individuals or companies interested in the hotel.

According to a release from NICIL, the six bids were received before 14:00 hrs on April 17, 2023. That was the closing date and time for the submission of bids.

Those bids were reportedly kept in a controlled, secured environment by NICIL’s Chief Executive Officer RK Sharma and NICIL’s Company Secretary & In-House Attorney Arianne McLean.

Then, the bidders were contacted and invited to attend a bid opening meeting at NICIL’s Head Office in Georgetown at 16:00 hrs on April 17 (Monday).

Representatives of two bidders were physically present, while a representative of one attended the meeting virtually; NICIL’s CEO and other officials were at the meeting too.

The six bids were opened and read aloud in the presence of all present, and the bidders and their respective Bids were recorded, signed and acknowledged by the bidders who were present, as well as the Representatives of NICIL.

The News Room understands that the six bids came from the Pegasus Hotel (whose principal is Robert Badal), Georgetown Investments and Management Services Inc (Mustafa Eray Kanmaz), X LLC (Ramy El- Batwari), Muneshwers Limited (Amarnath Muneshwer), Integrated Group Guyana Inc. (Ravindra Prashad) and NCB Capital Markets (Steve Gooding).

The bids were between US$65 million and US$33 million.

Weeks ago, Vice President Dr. Bharrat Jagdeo said the government is selling the profitable Marriott Hotel, and once sold, Jagdeo said the monies earned will go toward paying off the existing loan.

The hotel was opened in April 2015, following the controversial period of its construction.

Jagdeo reminded the press of that controversy on Thursday and said he is happy that the hotel did not live up to predictions of becoming a white elephant.

It remains today, 100 percent owned by the government, constructed with a US$17.3 million loan from Republic Bank. That loan was later restructured.

Jagdeo challenged previous reports that the government had to take over the loan because the hotel was unable to service it.