The Government’s holding company, NICIL, has been given the green light by the administration to begin the negotiations for the sale of the Marriott Guyana hotel to American company, X-LLC, that had submitted a bid of US$90 million for the hotel.
Vice President Bharrat Jagdeo announced today that NICIL determined that the US$90 million bid by the X-LLC was the top bid for the hotel following evaluations. There was only one other bid that came in at just over US$86 Million.
There were two rounds of bidding for the hotel, which was built largely with state funds in 2014, opening its doors early in the following year.
In the first round of bidding, all of the bids were dismissed since the government found them to all be too low. A minimum bid value of US$85 million was then set, resulting in just two companies submitting bids. In the first round of bidding, there were six bids submitted, with the highest being US$65 million.
It was the same US company, headed by American businessman Ramy El-Batrawi that had the highest bid in that first round.
The Government has defended its decision to sell the hotel, indicating that it was built at a time when there was a need for an international standards hotel to be in Guyana. The Government said with a number of internationally branded hotels set to begin construction soon, the need no longer existed, and it no longer wanted to be in the hotel business.
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