Hotel investments must have gov’t approved feasibility studies

A feasibility study is part and parcel of the entire proposal of every single internationally branded hotel in Guyana, Minister of Tourism, Industry and Commerce Oneidge Walrond has said.

She was speaking at an end-of-year press conference at the Arthur Chung Conference Centre, Liliendaal, on Wednesday, providing an update on the work of the ministry and its achievements during 2024.

“The investment requires feasibility studies. There is a very robust and rigorous study that is done for each one of these hotels. I know this because we sit with them … and it’s done independently,” she shared.

The mere fact that the project is endorsed, she pointed out, gives the indication that a feasibility study has held muster. “It will not go ahead if the feasibility study indicates that it is not a viable project.”

“An investor cannot take his or her project ahead without a feasibility study being approved. The financiers will not invest in a project that cannot hold muster, that is not sound financially,” she continued.

Government’s call for expressions of interest for internationally branded hotels has yielded “remarkable” results and just recently, there was the opening of two new hotels – Aiden by Best Western Hotel and Royal International Hotel – adding close to 400 high quality rooms.

There are also several other internationally branded hotels that are nearing completion, which will add another 1,000 rooms.

“This expanded capacity naturally enables us to host major international events and positions us as a competitive player in the regional tourism market,” Minister Walrond said.