Two weeks after Vice President Bharrat Jagdeo announced that the Guyana Government had halted the sale of the Guyana Marriott Hotel because of low bids, the government announced today, that a new round of bidding was opened and saw two new bids, with one of them reaching US$90 million.
During the first round of bidding, six companies submitted bids for the purchase of the hotel, ranging from US$25 million to US$65 million.
An American businessman who has indicated an interest in housing development in Guyana topped the bidding war with his US$65 million bid.
The same businessman has topped the second round of bidding by adding US$25 million to his original bid.
In a statement today, the government’s holding company NICIL said that earlier this month all of the previous bidders were contacted and advised by NICIL that their submitted bids had been rejected.
All six bidders were then invited to submit a new bid with a minimum bid price of U$85 Million.
US based company X, LLC, and an investment group of companies have now emerged as the only two possible buyers for the hotel.
The local investment group is bidding US$86.1 million for its shot at ownership of the hotel.
Vice President, Bharrat Jagdeo, previously stated that government was testing the market when it opened the bidding process and saw that there was a huge potential.
He explained then that the government could not settle for what was being offered, stating that the move to sell the hotel was a business decision.
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