Vice President, Dr. Bharrat Jagdeo noted during a press engagement today that the relevant authorities are following a meticulous process hence the delay in closing the sale of the Marriott Hotel. Dr. Jagdeo underscored the government’s commitment to protecting the country’s interests throughout the negotiation process, adding that there will be no rush. “This company put in a bid, we have to remain faithful to the bid and our negotiators have to ensure that this country’s interests are protected in those negotiations,” he said.
American company X-LLC won the bid for the hotel, almost six months ago, and as such concerns started mounting over the prolonged sale process. Despite winning the bid earlier this year, American businessman Ramy El-Batrawi recently expressed unease about the protracted timeline.
El-Batrawi, who submitted the highest bid of US$90 million for the government-owned hotel, raised issues about the delay, considering his bid was presented months ago. Jagdeo acknowledged these concerns while highlighting the role of the National Industrial and Commercial Investments Limited (NICIL), a government-owned entity, in conducting negotiations with the prospective buyer.
Jagdeo clarified that the government would not unduly intervene unless there are compelling reasons to do so. He emphasized fidelity to the bid and the necessity of safeguarding the country’s interests in the negotiations.
“We want the matter concluded but will not intervene unduly into a technical process unless we believe that something is not being addressed to the satisfaction of the original bid,” he asserted.
Initially, NICIL received six bids, with El-Batrawi’s US$65 million bid being the highest. Despite this, the government opted not to accept any bids, asserting that the hotel’s value exceeded the offers. After inviting all bidders to resubmit with a minimum bid of US$85 million, X-LLC submitted the winning bid of US$90 million, with Integrated Group Guyana Inc. bidding US$86.1 million.
Jagdeo disclosed that NICIL would soon release a press statement on the ongoing negotiations, assuring that the government is not hastening the finalization of the deal. He emphasized the importance of concluding the process transparently to withstand public scrutiny.
