Sale of Marriott on hold because bids are lower than hotel’s value – Jagdeo

The Government of Guyana is no longer selling the Marriott Hotel now because the six bids received are lower than the value of the hotel, Vice President Dr. Bharrat Jagdeo said on Thursday.

“We will not proceed with any of the bids because we believe that they are too low, because of the value of that asset and its capacity to earn,” Jagdeo told a press conference hosted at the People’s Progressive Civic Party Headquarters, Freedom House.

Six bids were received by the National Industrial and Commercial Investments Limited (NICIL) after it issued a prequalification notice and invited bids from individuals or companies interested in the hotel.

The highest of those six bids was US$65 million; this bid was tendered by American businessman, Ramy El-Batrawi. The second highest bid tendered was US$55.5 million from local businessman and owner of the Pegasus Hotel, Robert Badal.

Jagdeo said the government invited bids as a way of testing the market. And since none of the bids meet the government’s expectations, the hotel will remain in the public domain.

Weeks ago, at another party press conference, the Vice President, who was instrumental in the construction of the facility, supported the decision to sell the hotel.

He noted then that now is the best time because the government stands to make the biggest profit.