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Marriott was on verge of being seized by bank – Finance Minister

Marriott Hotel was almost seized last year.

Government has admitted that it almost lost the Marriott Hotel last year after the facility was unable to make payments for its loans.
By stepping in, taking over the loans, the Ministry of Finance managed to renegotiate the interest rates downwards, reducing it from 8.65 percent to 6.28 percent.
The Minister was last week speaking about developments under his Ministry.
It would be the first time that the Administration has really been so blunt about the hotel, commissioned shortly before the May 2015 general elections by the People’s Progressive Party/Civic government, under the world-renowned brand.
It was supposed to be a flagship project that brought jobs and quality rooms to Guyana.
However, the construction of the hotel and how it was configured placed the project under a shroud.
The hotel, with its casino and recreation centre still to be built and made operational, is unable to make enough monies with the banks, led by Republic Bank Trinidad, warning management that the payments were due with interest mounting last year.
Jordan explained that it is a fact that for commercial purposes market rates of interest are the norms.
There could be cases of “sub-market” rates but this is given to Government, which has to relend to company in question at market rates.
In the case of Marriott, the big hurdle was the payments.
Government has been toying with placing the Kingston hotel on the market but it is worried about the price. On paper, almost US$80M has been spent for acquiring lands, development, along with the hotel proper.
In fact, Jordan is on records saying it is a wasted project that Guyanese taxpayers’ have been saddled to repay.
Atlantic Hotel Inc. (AHI), a company that is owned by Government, has no money to repay the loans that it took from Republic Bank Limited (RBL), forcing the Administration to step in or face the loans being called in.
The RBL loans were in excess of US$27M, it was reported.
Opened in early 2015, the 197-room hotel ran into early problems, not making enough money to repay the almost US$27M-plus syndicated loan it took from Republic Bank.
In fact, without the adjoining annex being completed and converted into a casino to an independent operator, the hotel will never realize a profit, even if all the rooms are filled.
Last year, up to June, the payments due to Republic Bank were a staggering US$2.356M.
Operating under tight checks and balances, the Coalition Government was unable to come up with the money in a hurry.
Payments semi-annually now have been brought down from US$1.750M every six months to US$899,000, or almost half.
By 2030, the Atlantic Hotel Inc. (AHI), the special company, which owns the facilities, has to repay the US$26.970M it owes to the bank.
Currently, four companies have reportedly shown serious interest in the hotel’s planned casino, including the Princess Group at Providence, and one from Suriname.
The hotel was birthed under the Bharrat Jagdeo administration with promises of local jobs being created. However, save for a few contracts for sand and other material, the jobs went mostly to the Shanghai Construction Group and its imported Chinese workers.
Even the landscaping jobs were handled by them.

Replies sorted oldest to newest

skeldon_man posted:

As my former black teacher(now deceased) asked me once when I was visiting Guyana, "Whenever you hear black man can take care of anything" ?

That was to be a very stupid teacher you had.

cain
Mitwah posted:

it is a wasted PPP/C project that Guyanese taxpayers’ have been saddled to repay.

Actually, Guyana’s debt service ratio under the PPP was very manageable.  The country was far from being over extended. 

FM
skeldon_man posted:

As my former black teacher(now deceased) asked me once when I was visiting Guyana, "Whenever you hear black man can take care of anything" ?

Of course he “deceased” . . . is de bacoo in yuh head

but there is no reason to pretend

everybady already know

wear the white sheet ‘n hood proudly . . . they will let you in someday

FM
Last edited by Former Member
Billy Ram Balgobin posted:

The don't have money to service the loan on the Marriott Hotel yet one of their big boys going to invest US$100 million on another hotel. You all believe these people when they talk????

Only Cain and Django BUT you have to forgive them. Pea brain born they are trying their best.

Nehru
cain posted:
skeldon_man posted:

As my former black teacher(now deceased) asked me once when I was visiting Guyana, "Whenever you hear black man can take care of anything" ?

That was to be a very stupid teacher you had.

You right. All black people are stupid?

FM
ronan posted:
skeldon_man posted:

As my former black teacher(now deceased) asked me once when I was visiting Guyana, "Whenever you hear black man can take care of anything" ?

Of course he “deceased” . . . is de bacoo in yuh head

but there is no reason to pretend

everybady already know

wear the white sheet ‘n hood proudly . . . they will let you in someday

Hey ()[]{}, We are all racists. You hate any race that is negroid.

FM
Bibi Haniffa posted:

So then the PNC should stop keeping party there every week and pay the people dem money.  

The PNC says the Jagabaat is their Robin hood - he rob he mattie coolie cane cutter and rice farmer to build wan Mahal fuh PNC bais hold dem party. 

sachin_05
Nehru posted:
Billy Ram Balgobin posted:

The don't have money to service the loan on the Marriott Hotel yet one of their big boys going to invest US$100 million on another hotel. You all believe these people when they talk????

Only Cain and Django BUT you have to forgive them. Pea brain born they are trying their best.

There are differences between Private Ownership and Government Ownership.

Educate yourselves,it's never too late.

Django
Last edited by Django
Django posted:
Nehru posted:
Billy Ram Balgobin posted:

The don't have money to service the loan on the Marriott Hotel yet one of their big boys going to invest US$100 million on another hotel. You all believe these people when they talk????

Only Cain and Django BUT you have to forgive them. Pea brain born they are trying their best.

There are differences between Private Ownership and Government Ownership.

Educate yourselves,it's never too late.

There are similarities too. You don't need higher education to recognize BS like this.

Billy Ram Balgobin
sachin_05 posted:
Bibi Haniffa posted:

So then the PNC should stop keeping party there every week and pay the people dem money.  

The PNC says the Jagabaat is their Robin hood - he rob he mattie coolie cane cutter and rice farmer to build wan Mahal fuh PNC bais hold dem party. 

Shut yuh poke!!

FM
Baseman posted:
sachin_05 posted:
Bibi Haniffa posted:

So then the PNC should stop keeping party there every week and pay the people dem money.  

The PNC says the Jagabaat is their Robin hood - he rob he mattie coolie cane cutter and rice farmer to build wan Mahal fuh PNC bais hold dem party. 

Shut yuh poke!!

I got something fuh to suck on...

sachin_05
yuji22 posted:

Sachin has a daily dose of Dead Man AFC snake oil. He has been brainwashed and needs therapy. 

Snake oil is fuh PPP loosers, AFC now serving Dom Perignom at the Marriots...

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sachin_05

there is no reason to keep this over priced non performing asset.  The bank cannot do anything with  it minus a casino license. Renegotiate the loan. Demand they take a loss or let them wither on the vine.  It was a terrible deal to begin with and remains incomplete. It needs another 40 million or so to complete its original plans.

FM
D2 posted:

there is no reason to keep this over priced non performing asset.  The bank cannot do anything with  it minus a casino license. Renegotiate the loan. Demand they take a loss or let them wither on the vine.  It was a terrible deal to begin with and remains incomplete. It needs another 40 million or so to complete its original plans.

Banna, you is nuff nuff pfatt talk with no accountability!!

FM
Last edited by Former Member

Marriot and the Pegasus should be joined into a resort then marketed by the different group travel companies worldwide.  This would be better than them being two competing stand alone hotels.

Prashad
Prashad posted:

Marriot and the Pegasus should be joined into a resort then marketed by the different group travel companies worldwide.  This would be better than them being two competing stand alone hotels.

Bai, what schupitness yuh deh pon hey?  Those are both global brands in their respective networks.  Problem, Guyana is not a tourist destination.  It has little natural attraction for most tourists and a very unattractive crime profile.  

The PNC promised to make it ungovernable, now dem own goose deh pon roost.  Why would and tour group send people there who will get robbed, injured and even killed. They will not!  Guyana is a lawsuit waiting to happen. 

Is better the Chinese take over!

FM
sachin_05 posted:
yuji22 posted:

Sachin has a daily dose of Dead Man AFC snake oil. He has been brainwashed and needs therapy. 

Snake oil is fuh PPP loosers, AFC now serving Dom Perignom at the Marriots...

Come 2020 the ppp will be back and rescue Guyana from the abyss!

FM
Baseman posted:
sachin_05 posted:
yuji22 posted:

Sachin has a daily dose of Dead Man AFC snake oil. He has been brainwashed and needs therapy. 

Snake oil is fuh PPP loosers, AFC now serving Dom Perignom at the Marriots...

Come 2020 the ppp will be back and rescue Guyana from the abyss!

Any party could do a better job than the expire dinosaur PNC creatures but them Americans had enough bad mouthing from commie Jagabaat. PPP need to select Nandalall if they want the keep them Yankees happy.. 

sachin_05
Baseman posted:
Prashad posted:

Marriot and the Pegasus should be joined into a resort then marketed by the different group travel companies worldwide.  This would be better than them being two competing stand alone hotels.

Bai, what schupitness yuh deh pon hey?  Those are both global brands in their respective networks.  Problem, Guyana is not a tourist destination.  It has little natural attraction for most tourists and a very unattractive crime profile.  

The PNC promised to make it ungovernable, now dem own goose deh pon roost.  Why would and tour group send people there who will get robbed, injured and even killed. They will not!  Guyana is a lawsuit waiting to happen. 

Is better the Chinese take over!

Jamaica is an extremely violent place yet tourism is big.

Prashad
Prashad posted:
Baseman posted:
Prashad posted:

Marriot and the Pegasus should be joined into a resort then marketed by the different group travel companies worldwide.  This would be better than them being two competing stand alone hotels.

Bai, what schupitness yuh deh pon hey?  Those are both global brands in their respective networks.  Problem, Guyana is not a tourist destination.  It has little natural attraction for most tourists and a very unattractive crime profile.  

The PNC promised to make it ungovernable, now dem own goose deh pon roost.  Why would and tour group send people there who will get robbed, injured and even killed. They will not!  Guyana is a lawsuit waiting to happen. 

Is better the Chinese take over!

Jamaica is an extremely violent place yet tourism is big.

Them White gals says its the good weed and good sex. I believe when slave trader brought their merchandise form Africa and India, Jamaica use to get the first pick from the batch of studs so by the time they reach Guyana only the Caribjs and kangala left. Ask your self why Guyana never produce a Usain Bolt, the answer is lack of thoroghbreds....

sachin_05
sachin_05 posted:
Prashad posted:
Baseman posted:

Bai, what schupitness yuh deh pon hey?  Those are both global brands in their respective networks.  Problem, Guyana is not a tourist destination.  It has little natural attraction for most tourists and a very unattractive crime profile.  

The PNC promised to make it ungovernable, now dem own goose deh pon roost.  Why would and tour group send people there who will get robbed, injured and even killed. They will not!  Guyana is a lawsuit waiting to happen. 

Is better the Chinese take over!

Jamaica is an extremely violent place yet tourism is big.

Them White gals says its the good weed and good sex. I believe when slave trader brought their merchandise form Africa and India, Jamaica use to get the first pick from the batch of studs so by the time they reach Guyana only the Caribjs and kangala left. Ask your self why Guyana never produce a Usain Bolt, the answer is lack of thoroghbreds....

So, is wuh you sayin bai, Guyana got the bottom of the barrel slave milkshake?  And this is wah Indian have to deal with!  You might be on to something.  No wonder Guyana is so f-ed up!

FM
Prashad posted:
Baseman posted:
Prashad posted:

Marriot and the Pegasus should be joined into a resort then marketed by the different group travel companies worldwide.  This would be better than them being two competing stand alone hotels.

Bai, what schupitness yuh deh pon hey?  Those are both global brands in their respective networks.  Problem, Guyana is not a tourist destination.  It has little natural attraction for most tourists and a very unattractive crime profile.  

The PNC promised to make it ungovernable, now dem own goose deh pon roost.  Why would and tour group send people there who will get robbed, injured and even killed. They will not!  Guyana is a lawsuit waiting to happen. 

Is better the Chinese take over!

Jamaica is an extremely violent place yet tourism is big.

The slave traders unload many of violent ones and the Mandingos. Check out the sex vacation packages. 

Mitwah
Baseman posted:
Prashad posted:

Marriot and the Pegasus should be joined into a resort then marketed by the different group travel companies worldwide.  This would be better than them being two competing stand alone hotels.

Bai, what schupitness yuh deh pon hey?  Those are both global brands in their respective networks.  Problem, Guyana is not a tourist destination.  It has little natural attraction for most tourists and a very unattractive crime profile.  

The PNC promised to make it ungovernable, now dem own goose deh pon roost.  Why would and tour group send people there who will get robbed, injured and even killed. They will not!  Guyana is a lawsuit waiting to happen. 

Is better the Chinese take over!

The Pegasus is now a local brand. Owned locally by Badal. There is no affiliation with any international hotel group. 

Mars
Baseman posted:
sachin_05 posted:
Prashad posted:
Baseman posted:

Bai, what schupitness yuh deh pon hey?  Those are both global brands in their respective networks.  Problem, Guyana is not a tourist destination.  It has little natural attraction for most tourists and a very unattractive crime profile.  

The PNC promised to make it ungovernable, now dem own goose deh pon roost.  Why would and tour group send people there who will get robbed, injured and even killed. They will not!  Guyana is a lawsuit waiting to happen. 

Is better the Chinese take over!

Jamaica is an extremely violent place yet tourism is big.

Them White gals says its the good weed and good sex. I believe when slave trader brought their merchandise form Africa and India, Jamaica use to get the first pick from the batch of studs so by the time they reach Guyana only the Caribjs and kangala left. Ask your self why Guyana never produce a Usain Bolt, the answer is lack of thoroghbreds....

So, is wuh you sayin bai, Guyana got the bottom of the barrel slave milkshake?  And this is wah Indian have to deal with!  You might be on to something.  No wonder Guyana is so f-ed up!

Yeah bai, I hear them planters use to get big discount on Yugi type Bramhins so Guyana end up getting more than their fair share of them cause India had a no return policy on them...

sachin_05
Last edited by sachin_05
Mitwah posted:
Prashad posted:
Baseman posted:
Prashad posted:

Marriot and the Pegasus should be joined into a resort then marketed by the different group travel companies worldwide.  This would be better than them being two competing stand alone hotels.

Bai, what schupitness yuh deh pon hey?  Those are both global brands in their respective networks.  Problem, Guyana is not a tourist destination.  It has little natural attraction for most tourists and a very unattractive crime profile.  

The PNC promised to make it ungovernable, now dem own goose deh pon roost.  Why would and tour group send people there who will get robbed, injured and even killed. They will not!  Guyana is a lawsuit waiting to happen. 

Is better the Chinese take over!

Jamaica is an extremely violent place yet tourism is big.

The slave traders unload many of violent ones and the Mandingos. Check out the sex vacation packages. 

Don't forget the Mandinka Warriors. Did Guyana ever produce any Kunta Kinte?

FM
skeldon_man posted:
Mitwah posted:
Prashad posted:
Baseman posted:
Prashad posted:

Marriot and the Pegasus should be joined into a resort then marketed by the different group travel companies worldwide.  This would be better than them being two competing stand alone hotels.

Bai, what schupitness yuh deh pon hey?  Those are both global brands in their respective networks.  Problem, Guyana is not a tourist destination.  It has little natural attraction for most tourists and a very unattractive crime profile.  

The PNC promised to make it ungovernable, now dem own goose deh pon roost.  Why would and tour group send people there who will get robbed, injured and even killed. They will not!  Guyana is a lawsuit waiting to happen. 

Is better the Chinese take over!

Jamaica is an extremely violent place yet tourism is big.

The slave traders unload many of violent ones and the Mandingos. Check out the sex vacation packages. 

Don't forget the Mandinka Warriors. Did Guyana ever produce any Kunta Kinte?

They produce a Cuffy but he had taste for white women. His offspring is  dougla so caribj might be to ugly to be related to him...

sachin_05
skeldon_man posted:
Mitwah posted:
Prashad posted:
Baseman posted:
Prashad posted:

Marriot and the Pegasus should be joined into a resort then marketed by the different group travel companies worldwide.  This would be better than them being two competing stand alone hotels.

Bai, what schupitness yuh deh pon hey?  Those are both global brands in their respective networks.  Problem, Guyana is not a tourist destination.  It has little natural attraction for most tourists and a very unattractive crime profile.  

The PNC promised to make it ungovernable, now dem own goose deh pon roost.  Why would and tour group send people there who will get robbed, injured and even killed. They will not!  Guyana is a lawsuit waiting to happen. 

Is better the Chinese take over!

Jamaica is an extremely violent place yet tourism is big.

The slave traders unload many of violent ones and the Mandingos. Check out the sex vacation packages. 

Don't forget the Mandinka Warriors. Did Guyana ever produce any Kunta Kinte?

Am... Warrior and Caribj. 

Mitwah

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