Sod turned for US$51M Marriott Guyana Georgetown – investors laud attractive business environment
Georgetown, GINA, November 20, 2011
Source - GINA
President Bharrat Jagdeo and Marriott Area Vice President Andrew Houghton turning the sod for Marriott Guyana Georgetown. Prime Minister Samuel Hinds, Presidential Candidate Donald Ramotar and members of the Cabinet look on
President Bharrat Jagdeo today joined Presidential Candidate Donald Ramotar, Marriott Area Vice President Andrew Houghton and Chief Executive Officer of Shanghai Construction Group (SCG) Michael Zhang in turning the sod for the US$51M Marriott Guyana Georgetown.
The hotel will be constructed at Kingston aback of the National Centre for Education Resource Development (NCERD) along Branch Road.
Others present included Prime Minister Samuel Hinds, Minister of Finance Dr Ashni Singh, several members of the Cabinet and Head of the Privatisation Unit Winston Brassington.
The project has been in the making since 2004 and moved a step further in December of 2009 when a Letter of Intent was executed between Atlantic Hotel Inc and Marriott.
Atlantic Hotel Inc is a special purpose company that was formed to execute a public private partnership the Guyana Government pursued for construction of the Hotel.
Marriott Area Vice President Andrew Houghton greet President Bharrat Jagdeo in the presence of Minister of Finance Dr. Ashni Singh at the turning of the sod for Marriott Guyana Georgetown
Two other hotels
Construction of a Marriott Hotel branch in Guyana has prompted interest for two other reputable hotel establishments according to President Jagdeo who did not disclose the names of the two but noted that Guyana welcomes such investments to meet the standards required for a thriving accommodation and hospitality sector locally.
With branches in nine countries Marriot in Guyana will boast 197 rooms, a large ballroom, conference centre, a casino, nightclub, restaurant, a concrete walkway and all other amenities of a world-class hotel.
President Jagdeo expressed his satisfaction that the hotel has reached the construction stage noting that Guyana has been clamoring for accommodation facilities that meet international standards.
“The large flagship hotel that we have in Guyana does not meet the expectation of people who come here… If this country is going to lift itself to world class standards in every area… We also have to make sure that we have world class accommodation and this facility will provide it,” President Jagdeo said.
Chief Executive Officer of Shanghai Construction Group (SCG) Michael Zhang speaking at the turning of the sod for Marriott Guyana Georgetown
Houghton said that although hospitality in Guyana is fledgling in terms of tourism, the business environment is attractive and with a world-class hotel that employs 129,000 associates, Guyana will be equipped to attract conventioneers and businessmen.
“I look forward to supporting the business community here growing our partnership together and developing the futures for over 250 new people in the hospitality business,” Houghton said.
Attractive business environment
The Head of State explained that the evident growth in business and excursion travellers to Guyana and the huge international investor interest and confidence in the local economy are reflective of growth.
An artist impression of the Marriott Guyana Georgetown
Such signs he said are mirrored in allied sectors such as aviation where, he disclosed, there is also a huge interest.
Yesterday a contract was signed for a modern airport in Guyana that will include an extended runway by another 3,500 feet to accommodate any category of aircraft, eight or more air bridges, a huge ramp area and duty free shop among other amenities. The project is expected to be complete within two years.
“We believe that sometime next year you will see a major shift in airlift in Guyana because the market now is underserved, prices are too high and more people want to come here,” President Jagdeo said.
China’s Shanghai Construction Group will be undertaking construction of the US$51M hotel. Brassington explained that funding will be in the form of debt and equity and government will provide a minority share of the funding.
Georgetown, GINA, November 20, 2011
Source - GINA
President Bharrat Jagdeo and Marriott Area Vice President Andrew Houghton turning the sod for Marriott Guyana Georgetown. Prime Minister Samuel Hinds, Presidential Candidate Donald Ramotar and members of the Cabinet look onPresident Bharrat Jagdeo today joined Presidential Candidate Donald Ramotar, Marriott Area Vice President Andrew Houghton and Chief Executive Officer of Shanghai Construction Group (SCG) Michael Zhang in turning the sod for the US$51M Marriott Guyana Georgetown.
The hotel will be constructed at Kingston aback of the National Centre for Education Resource Development (NCERD) along Branch Road.
Others present included Prime Minister Samuel Hinds, Minister of Finance Dr Ashni Singh, several members of the Cabinet and Head of the Privatisation Unit Winston Brassington.
The project has been in the making since 2004 and moved a step further in December of 2009 when a Letter of Intent was executed between Atlantic Hotel Inc and Marriott.
Atlantic Hotel Inc is a special purpose company that was formed to execute a public private partnership the Guyana Government pursued for construction of the Hotel.
Marriott Area Vice President Andrew Houghton greet President Bharrat Jagdeo in the presence of Minister of Finance Dr. Ashni Singh at the turning of the sod for Marriott Guyana GeorgetownTwo other hotels
Construction of a Marriott Hotel branch in Guyana has prompted interest for two other reputable hotel establishments according to President Jagdeo who did not disclose the names of the two but noted that Guyana welcomes such investments to meet the standards required for a thriving accommodation and hospitality sector locally.
With branches in nine countries Marriot in Guyana will boast 197 rooms, a large ballroom, conference centre, a casino, nightclub, restaurant, a concrete walkway and all other amenities of a world-class hotel.
President Jagdeo expressed his satisfaction that the hotel has reached the construction stage noting that Guyana has been clamoring for accommodation facilities that meet international standards.
“The large flagship hotel that we have in Guyana does not meet the expectation of people who come here… If this country is going to lift itself to world class standards in every area… We also have to make sure that we have world class accommodation and this facility will provide it,” President Jagdeo said.
Chief Executive Officer of Shanghai Construction Group (SCG) Michael Zhang speaking at the turning of the sod for Marriott Guyana GeorgetownHoughton said that although hospitality in Guyana is fledgling in terms of tourism, the business environment is attractive and with a world-class hotel that employs 129,000 associates, Guyana will be equipped to attract conventioneers and businessmen.
“I look forward to supporting the business community here growing our partnership together and developing the futures for over 250 new people in the hospitality business,” Houghton said.
Attractive business environment
The Head of State explained that the evident growth in business and excursion travellers to Guyana and the huge international investor interest and confidence in the local economy are reflective of growth.
An artist impression of the Marriott Guyana GeorgetownSuch signs he said are mirrored in allied sectors such as aviation where, he disclosed, there is also a huge interest.
Yesterday a contract was signed for a modern airport in Guyana that will include an extended runway by another 3,500 feet to accommodate any category of aircraft, eight or more air bridges, a huge ramp area and duty free shop among other amenities. The project is expected to be complete within two years.
“We believe that sometime next year you will see a major shift in airlift in Guyana because the market now is underserved, prices are too high and more people want to come here,” President Jagdeo said.
China’s Shanghai Construction Group will be undertaking construction of the US$51M hotel. Brassington explained that funding will be in the form of debt and equity and government will provide a minority share of the funding.