The Government of Guyana (GOG) is poised to evaluate two new bids for the prestigious Guyana Marriott Hotel in Kingston, Georgetown. Vice President, Dr. Bharrat Jagdeo revealed that both American businessman Ramy El-Batrawi, with a proposal of US$90 million, and Ravindra Prashad, bidding US$86.1 million, surpassed the base price of US$85 million set for the hotel.
Expressing contentment with the robust bids, the government he said will now subject them to a meticulous evaluation process before reaching a decision on the sale.
During the initial bidding round held by the National Industrial and Commercial Investments Limited (NICIL) last month, six bids were received, ranging from US$25 million to US$65 million. However, the government deemed these offers insufficient and subsequently informed the bidders that a new base price of US$85 million had been established. Consequently, the companies were requested to resubmit their bids to reflect this revised figure or higher. Out of the initial six bidders, only two were able to meet the new base price requirement.
Jagdeo emphasized that the bidders were provided with a comprehensive prospectus, furnishing them with extensive information about the hotel. He said, “Now we have to analyze all of those bids and their various components. But the fact is that people are prepared to pay.”
Jagdeo also emphasized the obligation of the evaluation team to thoroughly assess the bids and make a recommendation to the government, adding that, “I don’t know what the decision will be at this point. When they go into the details of the bids, (I don’t know) what the evaluation team will find, but they have an obligation to assess the bids and then make a recommendation to the Government.”
The Guyana Marriott Hotel, which opened in 2015, was constructed to the tune of US$58 million through a syndicated loan from Republic Bank (Trinidad) and taxpayer funds. In a previous press conference Jagdeo had noted that the decision to construct the Marriott in 2015 was a strategic one, as it was intended to stimulate investments in the hotel sector during a time when Guyana was struggling to attract such investments.
