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Marriott Hotel gets new investor;
debt financing deal struck
- Saturday, 24 May 2014 14:01
- Written by Demerara Waves
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Republic Bank, on behalf of its consortium of lenders, has received its approvals and the transaction is expected to be concluded shortly.
The principal investors in AHI (Marriott Hotel Guyana project and Entertainment Complex) are National Industrial and Commercial Investment Limited (NICIL) and British Virgin Island (BVI) registered, ACE Square Investments Ltd. ACE Square Investments Ltd. will acquire 67% of the equity of AHI for US$8M. As required under the Hotel Management Agreement between Marriott and AHI, Marriott has consented to the transfer of the controlling interest of AHI from NICIL to ACE Square Investments Ltd.
Ace Square Management Ltd, affiliated company of ACE Square Investments Ltd., has been selected to operate the Entertainment Complex and secure the outfitting cost, estimated at a minimum of US$4M. Additionally, Ace Square Management Ltd will guarantee a minimum financial performance of the Entertainment Complex, consistent with the Feasibility Study conducted by HVS International (dated October 31, 2012).
Ace Square Management Ltdβs beneficial shareholders are the same as ACE Square Investments Ltd. The beneficial owners of the shares in ACE Square Investments Ltd., and the owners of the shares in ACE Square Investments Ltd., through a BVI registered holding company, Big Splendor Limited, are Hong Kong businessmen, Mr. Victor How Chung Chan, LLB (Hon.) and Mr. Xu Han, BSc, MBA, DBA.
Mr. Victor Chan has diverse and substantial investment interests both in Hong Kong and China. He is an Executive Director of the REXLOT Group and is the single largest shareholder and Founder and Director of the REX Resources Group.
The REXLOT Group is the leading lottery system and distribution company in China and has extensive operations in Chinaβs lottery market, through its local subsidiaries and international joint ventures. The Group is listed on the main board of the Hong Kong Stock Exchange with a market capitalisation of over HK$8 billion (app US$1.0 B).
The REX Resources Group is principally engaged in gold, coal, rare earth and other metal, mining exploration and development, both in China and internationally. Mr. Chan is also the leading investor and shareholder of China Gamma Group. The Group is listed on the main board of Hong Kong Stock Exchange, with a market capitalisation of over HK$600 million (app US$77 M). Mr. Chan founded REXCAPITAL Partners in 1994, a private investment group with over HK$1billion in financial investments.
Mr. Xu Han is a long-standing business associate of Mr. Chan and holds graduate degrees from prominent US and Hong Kong universities. Additionally, Mr. Han has over 30 years of global experience in both the public and private sectors, such as finance, gaming, and mining.
All I can say its a beautiful Hotel. It really put a smile on the beautiful golden brown beach front. Oh, lala....Jalil, please post some more pictures.
All I can say its a beautiful Hotel. It really put a smile on the beautiful golden brown beach front. Oh, lala....Jalil, please post some more pictures.
Lilke Cobra enjoying DE China O-lo.....wanda if he paint it with lil chine-blush.
This is one of those instances where one feels compelled to cuss...or more impulsively look for a rock. There are clearly heads that needs to be busted....mouths speaking words do not seem to stop t he flow of cravenly corrupt schemes to make our nation poor.
Chinese Mafia?
So the debt finance is U$27M but ACE gets 67% of the business for U$8M.
Nice scam the PPP is pulling again.
Virgin island, the tax avoidance and secret banking destination as used by all well off crooks.
So the debt finance is U$27M but ACE gets 67% of the business for U$8M.
Nice scam the PPP is pulling again.
Virgin island, the tax avoidance and secret banking destination as used by all well off crooks.
Soon the opposition will dig into this financing in Parliament and make to make a decision how to move forward......and when everything is in the open and exposed we will see this is just another Bobby & Bharat UNDERHAND SCHEME SECRETLY CRAFTED TO HIDE THEIR IDENTITY.
There are glaring suspicions that there were a number of political assassinations in Guyana under the PNC and this new PPP administration.
Puran was assassinated, but it went unnoticed. He was dispatched with the same poison that was used to dispatch that Canadian gangster who was unfortunate to end up in hospital in Guyana.
a 27 million loan over the long term is not bad investment providing they are able to get tourists in good amounts to the hotel within the first three years to start making payments. The location has a good view and a good beach front but with global warming in full force it would be facing several unknowns in the years to come.
But it is not a loan and not an investment. It is a scam cloaked in the skin of a loan. ACE is getting 2/3 for a 1/3 investment. That means ACE is giving 1/3 to a third party under the table.
The same scam was used on the Berbice bridge. Any decent accountant can work out that it is a scam.
if it may be a scam then it may be in a perfect location for the effects of global warming