Only two of the six companies that initially vied to purchase the Guyana Marriott Hotel have resubmitted bids, meeting the base price of US$85M as set out by the National Industrial and Commercial Investments Limited (NICIL).
The Guyana Government had publicly stated that the six bids that were submitted for the acquisition of the Guyana Marriott Hotel came in at a figure that was not acceptable, with the highest being US$65M.
As such on May 2, 2023, all six bidders were contacted and advised by NICIL that their submitted bids had been rejected.
All six bidders were then invited to resubmit a new bid with a minimum bid price of no less than US$85M and the deadline for submission was today.
The bidders were advised that their bid must be submitted in a sealed envelope and deposited in the tender box located at NICIL’s Office. All bidders were also invited to attend the bid opening today in NICIL’s boardroom.
At the bid opening today, representatives of one bidder were physically present, while a representative of another attended virtually via Zoom Video Conference.
The tender box was opened in the presence of all present and there were two bids contained therein, which were opened and read aloud in the presence of all present.
The following companies submitted bids, which were opened at the Bid Opening Meeting:
1. X,LLC – USD90 Million
2. Integrated Group Guyana Inc. – USD86.1 Million
During the initial bidding round, the highest bid of US$65M was received from X, LLC, an American investment group.
Among the other bidders were Pegasus Hotel Guyana, which bid at US$55.5 million; Georgetown Investments and Management Services Inc, which bid at US$50M; Muneshwers Ltd at US$25 million, Integrated Group Guyana Inc at US$55 million, and NCB Capital Markets Limited at US$33 million.
A feasibility study conducted by a Miami-based firm, HVS Consulting, back in 2010 had outlined that the Marriott Hotel is likely to be sold 10 years after its operationalisation at some US$76.1 million.
