The Atlantic Hotel Inc. (AHI) and Republic Bank Ltd in a joint press statement have disclosed principal investors in the Marriott Hotel construction and the completion of the financial arrangements syndicated borrowing of US$27M in debt financing for AHI.
The US$27M is for “the construction of the Marriott operated hotel and the shell of an Entertainment Complex,” the press statement read.
It stated that Republic Bank, on behalf of its consortium of lenders, has received its approval and that the transaction is expected to be concluded shortly.
It further went on to reveal the principal investors in the Marriott Hotel Guyana project and Entertainment Complex as National Industrial and Commercial Investments Limited (NICIL) and British Virgin Island (BVI) registered, ACE Square Investments Ltd.
“ACE Square Investments Ltd. will acquire 67% of the equity of AHI for US$8M. As required under the Hotel Management Agreement between Marriott and AHI, Marriott has consented to the transfer of the controlling interest of AHI from NICIL to ACE Square Investments Ltd,” the statement said.
“Ace Square Management Ltd, affiliated company of ACE Square Investments Ltd., has been selected to operate the Entertainment Complex and secure the outfitting cost, estimated at a minimum of US$4M. Additionally, Ace Square Management Ltd will guarantee a minimum financial performance of the Entertainment Complex, consistent with the Feasibility Study conducted by HVS International (dated October 31, 2012).
Ace Square Management Ltd’s beneficial shareholders are the same as ACE Square Investments Ltd. The beneficial owners of the shares in ACE Square Investments Ltd., and the owners of the shares in ACE Square Investments Ltd., through a BVI registered holding company, Big Splendor Limited, are Hong Kong businessmen, Mr. Victor How Chung Chan, LLB (Hon.) and Mr. Xu Han, BSc, MBA, DBA.”
It was explained that Victor Chan has diverse and substantial investment interests both in Hong Kong and China and that he is an Executive Director of the REXLOT Group and is the single largest shareholder and Founder and Director of the REX Resources Group. Chan is also the leading investor and shareholder of China Gamma Group. The Group is listed on the main board of Hong Kong Stock Exchange, with a market capitalisation of over HK$600 million (app US$77 M). Mr. Chan founded REXCAPITAL Partners in 1994, a private investment group with over HK$1billion in financial investments.
According to the release, the REXLOT Group is the leading lottery system and distribution company in China and has extensive operations in China’s lottery market, through its local subsidiaries and international joint ventures. The Group is listed on the main board of the Hong Kong Stock Exchange with a market capitalisation of over HK$8 billion (app US$1.0 B).
The Marriott Hotel will be the first five-star complex in Guyana which on completion will house a seven-storey main structure, an administrative building containing offices, and banquet hall on the eastern side and a separate entertainment complex to the west containing a specialty restaurant, nightclub and casino. (GINA)
The Hotel, which began construction two-years ago, is expected to be completed in August.