Republic Bank having second thoughts about Marriott

Republic Bank having second thoughts about Marriott

Multiple sources are reporting that Republic Bank may be having second thoughts about becoming a leading investor in the Guyana Marriott Hotel project.

Late Friday after reports began to surface that the Bank which the Government is counting on to invest over US$60 Million in the project was getting ready to indicate its unwillingness to continue with an interest in the project.

When contacted on Friday night, Chairman of Atlantic Hotel Inc. Winston Brassington told News Source that reports of Republic Bank pulling out of the project were “absolutely untrue”.

Brassington is also the Head of National Industrial and Commercial Investments Limited (NICIL) which is looking over the project.

He said unless the media carries the source of its information about a possible pull out, he will indicate that the reports were all “fabricated by the media”. He said he wants to know the source of the media information. Several efforts were made by News Source to contact officials of Republic Bank for a comment. Those efforts were futile.

News Source understands that a number of other media houses have been reaching out to Brassington and NICIL about the current state of the project in relation to Republic Bank’s interest. Very little information has been emanating from the Government agency.

A few weeks ago, Brassington expressed confidence that a deal was near with Republic Bank.

The project has been clouded in controversy with the Opposition parties withholding their support and calling for more information ¬†about it. They have also raised several questions about the potential “private investors” in the project and what will be the real cost of the project to the people of Guyana.

The Government has been saying that the Marriott deal is a good one and a Marriott branded hotel in Guyana would boost the local tourism industry. If Republic Bank indicates that it no longer has an interest in the project, that could serve as a significant blow to the project’s future and could add a longer delay to the hotel’s completion.

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