– concept note presented to investors; interest from Dubai, Saudi Arabia
A 500-room hotel and a luxury resort are among the potential ventures that the People’s Progressive Party/Civic (PPP/C) Government has been in talks about with international investors.
This was confirmed by Tourism, Industry and Commerce Minister, in an exclusive interview with Inews. She explained that on the part of her Ministry, talks have centred around a massive 500-room hotel development, in which investors have expressed an interest.
Other initiatives her Ministry has been talking with investors about include a large-scale convention centre and an eco-lodge facility. She explained that a concept note was prepared and presented to investors.
“We have prepared a concept note. And we have presented it… as you know the Saudis came and they’re interested in eco-tourism. There are some investors that have come from Ghana. There are several of those investors that have come and indicated an interest, including the Saudis and some investors from Dubai. They have shown an interest in it.”
“Luxury, large, eco-lodge. We’re looking for an all-inclusive facility. A really big, high-end facility. Because as you know, our product, what we have, is mid-tier and rustic experiences. We want to have one large resort, that people will come just to come to the resort. An all-inclusive resort. So that is the vision. To have something luxury, five-star, that people can come and enjoy in its own right.”
According to Walrond, having seen the concept note and the investment opportunities, it is expected that these foreign investors will return to their respective boards for the green light to go ahead. But as she put it, there has been significant interest in these projects.
Earlier this month, an over 60-member delegation of investors from Saudi Arabia led by Deputy Minister for Investors Outreach, Badr al Badr, visited Guyana and met with the local private sector including members of the Private Sector Commission (PSC).
A Guyana-Saudi Arabia Investment Engagement was held in the dome of the Arthur Chung Conference Centre (ACCC), where President Dr Irfaan Ali, members of his Cabinet and heads of various agencies were on hand to interact with and meet with the investors.
In the hospitality industry, Guyana is currently seeing an influx of development. The sod was turned only last week for a US$35 million, 172-room Four Points by Sheraton hotel to be constructed in Houston along the Mandela to Eccles Road link.
The hotel in question, which will feature 172 rooms, a commercial building and an events hall, is being developed by Caribbean Green Building Inc and is expected to create an additional 200 jobs.
The sod was also turned for a spanking new, US$45 Million Pasha Global/Blue Bridge hotel at Liliendaal, East Coast Demerara, which will come on stream by 2024 and will feature approximately 200 rooms.
Then there is the US$100 million Pegasus Suites and Conference Centre, which officially opened on Wednesday last. The 12-storey building contains 100 executive suites. The development brings Pegasus Hotel’s total room inventory to 230, ranging from standard to deluxe rooms.
It has already been said that over the next few years, Guyana will see the construction of at least eight hotels. Last year, the sod was turned for a US$15 million boutique hotel under the Aiden brand to be constructed in the heart of Georgetown. The hotel, which would feature 101 “smart rooms”, is being constructed as part of the Best Western Hotel and Resorts franchise.
Globally recognised hotel brands like the Hyatt, Hilton and Radisson hotels have also expressed an interest in investing in Guyana. In 2020, the Government of Guyana, through the Tourism and Commerce Ministry and the Guyana Office for Investment (GO-Invest), signed a Memorandum of Understanding (MoU) with investors for a US$90 million Hilton Hotel to be constructed at McDoom, Greater Georgetown.
The investors in the luxury hotel are part of a joint initiative among 658 Guyana Holdings, GREC Investment Group and TOTALTEC Oilfield Services Guyana Incorporated.
It was also announced that the 289-room branded hotel would be constructed in the already busy area which is home to many businesses such as Gafoors, Pritipaul Singh Investment, Guyana Shore Base Inc, Farm Supplies, and Schlumberger. Construction was slated to begin in January 2021 and was expected to last for two years.
Around the same time, Chairman of the Giftland Group, Roy Beepat, announced plans to construct a US$100 million Radisson Blu Hotel as part of an international chain of hotels in several destinations around the world. According to Beepat, the agreement has already been finalised to offer this five-star package to Guyana.
