— will create over 150 jobs; will cater for foreigners and locals, investors say
THE Golden City, El Dorado, may be fictitious but the concept of elegance is one which Artsunac, a local business services company, is looking to mimic with its proposed US$100 million Hilton-branded “El Dorado Hotel”. The investment is expected to create over 150 jobs and cater to every citizen and traveler.
Although a location for this facility has not yet been finalized, the investors are confident that the proposed 17 to the 20-story hotel will be ‘iconic’ and ‘magnificent.’
A Memorandum of Understanding (MoU) for the construction of this hotel was signed by the investors and Chief Executive Officer (CEO) of the Guyana Office for Investment (Go-Invest), Dr. Peter Ramsaroop, on Wednesday.
Managing Partner of Artsunac, Alleyne and Alleyne Business Practitioners, Gavin Alleyne, said the US$100 million hotels will feature 90 executive suites and two ultra-luxury rooms, a helipad and other amenities, which both foreign and local visitors would enjoy.
Not only will the facility serve as an attraction, but it will also create over 150 direct jobs, said Alleyne, adding that a further 400-500 jobs will be created in the construction phase.
“… at the time of the opening, we estimate that we will hire about 300 persons… we believe that this hotel has the potential to become a massive economic driver, allowing for world-class businesses to come back and help with development,” said the investor during a press briefing on Thursday.
Construction of this hotel is expected to commence in the first quarter of next year and, based on expert estimations, would be completed within 24 months.
Artsunac’s interest to bring this hotel to Guyana is due mainly to the recent surge in economic activities
“Our firm has a proven record of leadership within fortune 100 companies that extends from operational leadership, audit, banking and compliance, engineering & IT, marketing and advertising, legal and regulatory advisory, healthcare, and brokerage and logistics, among others,” said the company.
The company’s exposure has allowed them to transition into emerging markets and provides competitive and world-class services.
It was reported that close to US$1 billion (G$215B) will soon be injected into Guyana’s economy in the form of world-class hotels which will be constructed across the country to cater to the anticipated increase in visitors, who are being attracted by the nation’s burgeoning oil and gas sector and its spill-off benefits.
A business-friendly climate supplemented by the anticipated economic ascension is being credited for the attraction of major players in the hotel industry, such as Sheraton, The Element, Delta Marriott, Best Western Hotels and Resorts, the H-Tower Luxury Hotel, the Marriott Courtyard, the Hyatt Hotels Corporation, the Radisson Hotels, and the Hilton Hotels and Resorts, among others. According to a study by Oxford Economics, hotel operations and guest spending, support eight million jobs across the US alone.
The same study found that a typical hotel with 100 occupied rooms per night supports 230 local jobs every year. And the nation’s hotel and lodging industry bring other important benefits to local communities.
These businesses are a cornerstone for local economic activity, providing increased tax revenue, capital investment, tourism-related development and promotion, civic leadership, charitable contributions, and sponsorship.
