The Guyana Government will not proceed with the sale of the Marriott Hotel at this time, and the Vice President is blaming low bids for that decision.
Six companies recently submitted bids to the Government 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 Guyana Pegasus came in second with a bid of US$55 million.
Some concern was raised with the top bidder and previous issues he has had in the United States.
At his party’s press conference today, Vice President Jagdeo said the government will not be proceeding with any of the bids since none of them reflect the true value of the hotel.
“We in the government believe that none of the bids meet our price expectations and therefore we will not proceed with any of those bids. The Marriott will remain the public domain as part of the government until we can get an appropriate bid that mirrors true value,” Mr. Jagdeo said.
Mr. Jagdeo said that the government was testing the market when it opened the bidding process and saw that there is huge potential. Consequently, he said the government cannot settle for what has been offered.
“We know what the true value will be in the current context. So—that matter should be put to rest that we will not proceed with any of the bids because we believe that they are too low, based on the value of that asset now,” Mr. Jagdeo explained.
Previously, Jagdeo had defended the Government’s move to sell the hotel as a business decision.
He explained that the Marriott was built at a time in Guyana when the country was failing to attract investments for new hotels and the thought then was that by building the Marriott, it would trigger investments in the sector.
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