MARRIOTT hotel ribbon cutting for Thursday …chronicles of success in face of obstinate Opposition
THE US$58M flagship Marriott Hotel in Kingston, Georgetown, opens its doors on Thursday to the public with an Official Ribbon Cutting Ceremony – a feat despite the naysayers, litigation, protests, Parliamentary motions and the plethora of resistance to one of Government’s key developmental projects.The National Industrial and Commercial Investments Limited (NICIL) is the Government-owned company, lawfully entrusted to pursue investments on behalf of the State, including public-private partnerships and in September, 2009, incorporated Atlantic Hotel Inc. (AHI), the Special Purpose Company to pursue the Marriott project.
REGIONAL NATIONAL SUPPORT
It’s been made pellucid time and time again. No tax dollars were directly invested into the Marriott Hotel Project, in Kingston, Georgetown, but even if this were the case, such a reality is not unique to the industry in the Region.
As is evidenced as close as Trinidad and Tobago, Barbados and Puerto Rico – established travel hubs of the Caribbean – Governments have been taking on leading roles in developing hotel projects.
Local critics chastised the Guyana Government for its part in pursuing the Marriott Hotel project but over in Trinidad and Tobago, its 428-room Hyatt Regency was built by that country’s Government, despite its already established, privately-owned hospitality industry.
The Trinidad and Tobago Government had taken a conscientious step to develop and diversify its tourism industry and to make it more attractive and sustainable, hence pursuit of the Hyatt Regency in 2007. The Trinidad Government‘s strategy was focused also on business conventions, conference hosting, eco-adventure, sport and recreation – similar to the pursuits espoused by the Guyana Government.
The Urban Development Corporation of Trinidad and Tobago Limited (UDeCOTT), Trinidad’s leading public developer now owns the hotel and all elements of the mixed-development.
Over in Barbados, there is an even more glaring example of Government taking the principal role in pursuit of the development of a major hotel project – not waiting on the private sector – as is advocated by antagonists locally. In fact, in pursuit of the Four Seasons Hotel in Clear Water Bay, Barbados, that country’s Government not only provided a ‘Government Guaranteed’ loan to the tune of US$60M. It also supplied additional financing by sourcing another US$30M from the State-owned, National Insurance Scheme (NIS).
Over in Puerto Rico, that country’s Government successfully pursued the development of a Ritz Carlton Hotel at a cost of almost US$350M.
This too was funded partially by that country’s National Tourism Development Board which allowed for certain equity and guarantees for the developers.
In fact, the Puerto Rican Government, in using tax dollars to boost the tourism industry has also “in
