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Construction of US$50M Marriott AC Hotel to begin in June as oil boom pushes demand for accommodation

By OilNOW 0 -- Source -- OilNOW

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Signing with China Harbor. (L to R) - Andron Alphonso, Richard Smith, Mr. John Aboud, of Trinuyana and Mr. Sammy Chen and Zoey Yang of CHEC.

Trinuyana Investments Inc., which represents a consortium of Guyanese and Trinidadian investors, has signed a contract with China Habour Engineering Company (CHEC) Ltd. for the construction of a US$50M Marriott AC Hotel. The construction is slated to begin on June 1, 2022. Its completion is scheduled for the fourth quarter of 2024.

The contract for the four-star facility with 150 rooms was signed on April 29, 2022.

Under the contract, a five-storey full-service hotel will be built near the Eugene F. Correia International Airport, in Ogle. It is expected that over 400 temporary jobs will be created when construction commences. Once opened, approximately 140 permanent jobs will be created with Guyanese nationals filling 99% of those jobs. The conglomerate was keen to note that training will be provided to improve the skills and talents of employees in all areas of the hospitality industry.

Some of the amenities of the new facility will include a swimming pool, fitness room, lounge, library, media salon, meeting room, reception area, a courtyard, and an outdoor area. Paved parking lots, drive aisles, and site roads will be situated north of the building. Additionally, 114 parking spaces will be provided, while a drop-off roundabout will be constructed in front of the courtyard. Retail stores are also included in the design. The target market includes business and tourist travellers.

The company at the signing gave special praise to the National Industrial and Commercial Investments Limited (NICIL) for facilitating the land, the Guyana Office for Investment (Go-Invest) for their support and guidance through the application process, and the Government of Guyana for the incentives provided to support the development of the hotel.

AC Hotel is part of The Marriott group of hotels where the flexibility in design lends itself to a modern feel with open spaces while maintaining its European history.

Furthermore, the Marriott AC is just one of the many hotels to be constructed in response to the accelerated demand for accommodation with the emergence of the oil sector.

In fact, ExxonMobil Guyana had indicated in its Environmental Impact Assessment (EIA) for the US$10B Yellowtail Project that there will be a potential increase in demand for lodging as work on its development projects come on stream.

During 2020 and 2021, Exxon said it used several hotels, including the Marriott, Grand Coastal, and Cara Lodge, as staging areas for crew changes and isolation prior to going offshore to ensure safe operations during the COVID-19 pandemic.

Further to this, Exxon noted that its typical monthly demand of 600 rooms along with that of its primary support companies at any one time constitutes approximately 37 percent of the 577-bed capacity of the aforementioned five Georgetown hotels.

With Exxon poised to bring 10 oil ships online this decade, it said there is no doubt that the foregoing demand for lodging facilities in Guyana will increase.

In preparation for this growing demand, several other hotels are poised to come on stream. They include a GY$18 billion (US$90 million) Hilton Garden Inn at Houston/Mc Doom (East Bank Demerara), a Delta Hotels Marriott near the Cheddi Jagan International Airport, an H-Towers luxury hotel in New Providence (on the East Bank), and a SureStay Plus Hotel by Best Western (in the city center).

Guyana removes cement tax to facilitate oil-driven construction boom | OilNOW

In 2021, a sod-turning ceremony occurred at a Providence, East Bank Demerara site which is earmarked for the construction of a US$32 million Hyatt Place Georgetown hotel.

The project which adds to a long line of hotels coming to the new oil-producing South American country to meet growing demand is spearheaded by SIR Investments Inc., an investor from Trinidad and Tobago.

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Indeed, people in all parts of the world are struggling to have food on the table.

One of the numerous reports on the issue ...

From a growing number of sources ---

Americans are going hungry

26 million now say they don’t have enough to eat, as the pandemic worsens and holidays near

Source -- https://www.washingtonpost.com...coronavirus-economy/

One in 8 Americans reported they sometimes or often didn’t have enough food to eat in the past week, hitting nearly 26 million American adults, an increase several times greater than the most comparable pre-pandemic figure, according to Census Bureau survey data collected in late October and early November. That number climbed to more than 1 in 6 adults in households with children.

Source & rest of article ---  https://www.washingtonpost.com...coronavirus-economy/

Demerara_Guy
Last edited by Demerara_Guy

Indeed, people in all parts of the world are struggling to have food on the table.

One of the numerous reports on the issue ...

From a growing number of sources ---

Americans are going hungry

26 million now say they don’t have enough to eat, as the pandemic worsens and holidays near

Source -- https://www.washingtonpost.com...coronavirus-economy/

One in 8 Americans reported they sometimes or often didn’t have enough food to eat in the past week, hitting nearly 26 million American adults, an increase several times greater than the most comparable pre-pandemic figure, according to Census Bureau survey data collected in late October and early November. That number climbed to more than 1 in 6 adults in households with children.

Source & rest of article ---  https://www.washingtonpost.com...coronavirus-economy/

Mr. DG, how much is not enough?

What is the stats for Blacks?

Mitwah

Guyana’s history with oil dates back centuries

By OilNOW 0 -- Source -- OilNOW https://oilnow.gy/exploration/...ates-back-centuries/

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"British Guiana" before the South American country gained independence in 1966.

The possibility of Guyana having petroleum stemmed from observations of petroliferous occurrences recorded by Dutch explorers since the 1750s, but it was not until 1916 that the first significant effort to locate petroleum was undertaken.

β€œIn the 1700s several inconsequential oil seeps were discovered. Dutch explorers in the 1750s discovered flotsam pitch,” – Guyana’s Oil Odyssey, 1750-2019.

According to records from the Guyana Geology and Mines Commission (GGMC), three exploration wells were drilled in 1916 in the Waini area of the South American country’s North West District by Nelson Cannon. Gas and pitch were recorded in one of those wells. In 1926 a well was drilled on the West Coast of Berbice at the Bath Sugar Estate. The gas recovered there was utilized for decades at that location for domestic purposes.

In 1966/67 Shell drilled six wells on the Atlantic coast at Drill Mahaicony, along the Berbice River, Corentyne River, and in the Skeldon area.

The quest for petroleum offshore Guyana began in 1958 when California Oil Company conducted seismic surveys before withdrawing in 1960. Other companies followed and several licenses were awarded. The first company to spud a well was Tenneco during 1967 when Guyana Offshore # 1 and # 2 were drilled.

β€œIn the late 1950s, McBride Oil and Gas Corporation tried Guyana as well as Standard Oil of California. Again, there was no success. Again, there was a hiatus when no further exploration was conducted until 1965,” – Guyana’s Oil Odyssey, 1750-2019

Speaking at a public lecture in Georgetown back in 2017, Guyanese Attorney-at-Law and Chartered Accountant, Christopher Ram, said while many people had expressed surprise following ExxonMobil’s world class Liza discovery in 2015, the surprise is really that it took so long.

β€œWhen you look at the timeline the surprise is probably that it took us so long to find oil or to find oil that was already there. Because as you can see, in the 1700s Dutch explorers found traces of offshore oil capabilities,” he said.

The Guyana-Suriname Basin remains one of the last unexplored areas in the world with significant petroleum potential. The United States Geological Survey estimates that 13.6 billion barrels of oil and 32 trillion cubic feet of natural gas could lie in the Basin.

US oil major ExxonMobil has found more than 9 billion barrels of oil equivalent resources offshore Guyana, spanning 18 discoveries since 2015 at the Stabroek Block, while there has been 3 other discoveries by companies in the Orinduik and Kanuku Blocks. So far, Apache and Total have made four discoveries at Block 58 while Petronas and ExxonMobil have made one at Block 52.

Demerara_Guy

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