Marriot project is in line with Guyana’s development - President Ramotar
Georgetown, GINA, March 23, 2012
Artist's impression of the Marriot Guyana.
President Donald Ramotar at a press conference today said that Guyana is on the verge of massive development, particularly given the prospects of an oil find and as such, it is necessary to prepare for the kind of transformation that will ensue and not just be satisfied with what obtains at present.
He was at the time responding to a question as to why his administration is moving ahead with the Marriot project, given that hotel occupancy is Guyana is only 66 percent.
“I am confident that the future ahead of us is a very bright one; we have a lot of gains to obtain and, we must have the necessary infrastructure in this country to cater to the needs of a country that will see significant transformation, once we can implement all of our plans,” he said.
The Marriot project is an investment of over US $50M that will bring a major international brand to Guyana, create hundreds of jobs in the construction phase and beyond when it becomes operational, and significantly raise the standards of the hospitality industry.
Funding will be in the form of debt and equity with Government’s contribution being one-third of the funding.
Completion and start of commercial operations of the hotel and entertainment complex is expected two years thereafter, that is, February 2014.
