The Guyana Office for Investment (GoInvest) has said that the Qatari group building what will be the country’s first five-star hotel will pay $2 billion for the Carifesta Avenue, Georgetown lands, and the company will be granted the standard concessions for such hotel projects.
GoInvest Thursday stated that Assets Group, a subsidiary of Power International Holding (PIH), signed a “historic” Memorandum of Understanding (MoU) with the Government of Guyana on February 25, 2023 for the project.
“As part of the signed MoU, the company is expected to purchase the land for GY$ 2 Billion,” GoInvest stated.
The statement also pointed to the concessions that would be granted to the company, noting that these concessions are not special or specific to the Qatari group.
“An Investment Agreement with the Government of Guyana, facilitated through the Guyana Office for Investment, is in its final stages, aimed at providing fiscal concessions in keeping with the standard incentive regime for hotel businesses and the tourism sector,” GoInvest stated.
It noted that Power International Holding (PIH), a Qatar-based conglomerate has a diverse portfolio spanning various sectors such as real estate, hospitality, construction, manufacturing, and services and has established itself as a prominent player in the Qatari business landscape and has expanded its operations internationally in nineteen (19) different countries.
The Guyana project will be called The Georgetown Seafront Resort and Convention Center and is expected to be completed in two years.
According to GoInvest, it represents a GY$64.5 billion investment and will have 260 luxurious rooms and suites, alongside 150 serviced apartments, which include branded residences and premium villas.
“Notably, this development frontally addresses the country’s deficit of quality room stock by more than doubling the number of available rooms within a one-mile radius,” GoInvest stated.
The resort will feature a world class 30,000 square ft. convention center outfitted with all modern amenities to cater to international conferences and events of diverse scales, thereby increasing Guyana’s competitiveness as a MICE (meetings, incentives, conferences and exhibitions) tourism destination.
The government has had to fend off criticisms that the hotel project, to be situated on former sports ground, is eating away at the city’s green and recreational spaces. There were claims too that the land is owned by the Georgetown Mayor and City Council.
Following public statements by City Mayor, Alfred Mentore that the lands for the project belonged to the City and that legal action will be taken against the government, the Guyana Lands and Surveys Commission (GLSC) produced maps and data which shows the lands are not owned by the City.
“The only portion of land that the City Council held in the area North of Carifesta Avenue was a dam between GT&T and Saints Stanislaus ground (called Wireless Road). This was leased to a private citizen for commercial purposes by the Council,” the GLSC stated.
Vice President Bharrat Jagdeo has also denied that the hotel project is chewing up green and recreational spaces, saying that almost three dozen grounds in the city, some overrun with bush, are being developed.
