New bids for Marriott being evaluated -says Jagdeo

New bids for Marriott being evaluated -says Jagdeo

Convinced that Guyanese will cash-in big should the Guyana Marriott be sold, Vice President Bharrat Jagdeo on Thursday said the Government is currently evaluating the bids submitted by prospective buyers for the hotel.

The hotel attracted two perspective buyers after a second bidding round was open. The highest bid received was US$90 million.

“Now, we have to analyse all of those bids and their various components but the fact is that people are prepared to raise their bids from $65 million to $90 million, right. So that’s a fact,” the Vice President said.

While speaking at his party’s press conference, Mr. Jagdeo said the bidders were provided with all the relevant information about the hotel, including financial details on its performance over the years.

He said, in the end, Guyanese will reap the benefits.

“As I explained there are various forms of valuation. You can look at a profit, but you can look at the value of the asset, etc, and clearly people see in Marriott a great value and we are going to earn as a country tens of millions of dollars more than we spent on building it and that money will come into the treasury to do other things so the people of this country, they should be happy,” the Vice President said.

During the first round of bidding, six companies submitted bids for 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.

Dissatisfied with the bids submitted, the Government reopened the bidding process, and it was then that the American businessman upped his bid, adding US$25 million to his original bid. There was one other bid, which came in at US$86.1 million.

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