–Gov’t looks at increasing value of hotel before deciding on way forward

GOVERNMENT on Friday said efforts are being looked at to improve the value of the Guyana Marriott Hotel before making a decision on the way forward.

Government’s spokesman, Minister of State Joseph Harmon, told reporters at Friday’s post-Cabinet press conference that there are a number of steps that have to be made to increase the value of the property.

“We have said certain studies are being done with respect to the Marriott, whether we sell it as shares or whether we invite certain investments,” said Harmon, who pointed to a few of the recommendations made to the administration so far.

“Even before you go to a sale… that there are certain preliminary things you must do to increase the value of the asset and one of those have to do with the entertainment complex which is there and the way they deal with the entertainment complex.”
Harmon said persons who analysed the assets felt that if government were to “bring it to a certain point” where the entertainment complex is part of the entire package, “we are likely to have a better price for it.”

“This is the Guyanese people’s money… [so that] the Guyanese people would be better served in that way. In the interim, the expenses, some of the obligations which Marriott has, we have met some of those obligations from State resources, but the minister of finance has made it very clear that this is going to be a very time-bound obligation and that we’d have to move to a point where we’d have to meet all of these obligations out of the Consolidated Fund.”

Last year, Atlantic Hotel Incorporated (AHI) said public tenders were issued for construction of the Entertainment Complex and Casino of the hotel.
AHI, which is the special-purpose company established to manage the Marriott, through its board member Larry London, had said since government is handling the hotel’s debt, moves can be made to complete the entertainment complex, which is posed to attract great finances.

The US$58M hotel was constructed under the reign of the People’s Progressive Party (PPP) despite warnings.