The highest bid for the Guyana Marriott Hotel is now US$90 million, with four of the initial six bidders dropping out of the race.
American businessman and owner of X, LLC is once again the highest bidder, with local consortium Integrated Group Guyana Limited, headed by Ravindra Prashad, with a bid of US$86.1 million being his only competitor.
The Government of Guyana (GOG) had rejected the initial bids stating that the bids do not reflect the “true value of the hotel.” Thereafter, the government invited the bidders to resubmit their proposals of no less than US$85 million with the deadline for submission being May 16, 2023. This resulted in local businessman and owner of the Pegasus Hotel, Robert Badal, who was the second highest bidder pulling the plug. The others who dropped out of the race are: Georgetown Investments and Management Services Inc. (Princess Hotel), NCB Capital Markets Limited, a Jamaican Company and Muneshwers Limited.
On Tuesday, Chief Executive Officer (CEO) of National Industrial and Commercial Investments Limited (NICIL), Mr Radha Krishna Sharma, in a statement revealed that only El-Batrawi and Prashad are vying for the Kingston, Georgetown property.
At the bid opening, representatives of one bidder were physically present, while a representative of one attended virtually via Zoom Video Conference. Mr. Sharma, Ms. Arianne McLean, and Mr. Naresh Balkaran, the Manager of Internal Audit and Risk Management of NICIL were present at the Bid Opening Meeting. The tender box was opened in the presence of all present, and the two bids were opened and read aloud. 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 government had announced its decision to sell the hotel in December 2022.
Vice President (VP) Dr. Bharrat Jagdeo, in March revealed that the hotel has emerged as a profitable venture. He explained that the government’s decision to sell the hotel now is to maximize the profit, and avoid competition in the next few years when seven other hotels come on stream.
