THE Casique Palace, Suites and Banqueting Halls Inc. a uniquely-designed but incomplete facility sited just behind the renamed Princess Buddy’s International Hotel, at Providence, and on which construction began in earnest for World Cup 2007, will be completed with funds provided by the Guyana Government.

Head of the Presidential Secretariat and Secretary to the Cabinet, Dr Roger Luncheon, made this announcement yesterday at a press briefing at the Office of the President.

New York-based Guyanese investor Mrs. Beverly Arthur, attorney-at-law Joseph Harmon looking into the interest of the investors, and Mr. Keith Burrowes, Head of the World-Bank funded, Health Sector Development Unit (HSDU) were at the briefing.

Burrowes will be the government’s representative to work with the company to effect the completion of the facility, said Luncheon.

Present as well were other interested parties associated with the hotel investment.

According to Dr Luncheon, a broad agreement has been reached between the stakeholders of the hotel, including Mrs. Arthur and the Government, allowing the latter “to finance the completion of the project.”

Work on the project which presently is only about 40 per cent complete, is expected to be completed by this year-end or early 2010, he said.

And, according to the agreement, upon completion of the hotel, it will be “disposed of by way of sale” and the proceeds used to liquidate liabilities that were incurred by the stakeholders.

Construction on the 49-suite facility, which is also next to the National Stadium, began in earnest during preparations here to host Cricket World Cup 2007.

Estimated to cost US$4M, the facility was to have 40 of the 49 suites being apartments, studios and smaller suites; a split-level kitchen; a rotunda linked to the hotel block by way of connecting bridges, and a swimming pool on the second floor.

In December 2006, concerns began to surface that the facility would not have been ready for the intended purpose, but Mrs. Arthur had assured President Jagdeo who visited to have a look-see at the construction, that she was committed to, and efforts were underway to complete the hotel.

The Guyana Government had also provided the investors with a $35M advance, as bridge financing, to aid in the completion of the project. But in the June 15, 2008, Sunday Edition of this newspaper, a local bank seeking to recover funds loaned to the investors advertised the property for sale.

Reports are that despite receiving the loan from the government, the investors faced numerous difficulties, including funding for the exquisitely-designed building.

Responding to a query, Dr Luncheon said that investors have decided to sell having exhausted all options.

Construction of the hotel will now take in the height of a construction boom, and when prices for building requisites, including cement, is at rock bottom, the lowest ever experienced in the country, the HPS noted.