– says working with a number of prospective investors
GOVERNMENT has noted reports in yesterday’s Stabroek News and Kaieteur News regarding the proposed Marriott Hotel Project, according to a statement last evening from the Privatisation Unit/NICIL.

The Government considers a number of these statements pre-mature and inaccurate.
“Government wishes to unequivocally state that Zublin Grenada Limited is only one prospective investor of a number of prospective investors who have shown interest in investing in the project.   Government has entered into a Confidentiality Undertaking with Zublin Grenada Limited and any disclosures by Zublin, without the approval of Government, would be a violation of this agreement.

“At this juncture, no commitments or agreements have been entered into with Zublin,” the statement said.
“In May 2009, Government advertised for Expressions of Interest (EOI) for a joint-venture for a hotel development project to be located at the corner of Kingston.
A number of Expressions of Interest (EOI) were received.  Government in the said advertisement stated that the response to the EOI will be used to guide the selection of a partner or partners who will work with the Government to design and implement the project.

The advertisement also stated that the project will be implemented via a Special Purpose Company (SPC) financed with debt and equity contributions following a public-private partnership model.
“Since that time, Government has been working with a number of prospective investors to advance the project.  Considerable progress has been made to advance the development of a Hotel Entertainment Complex that will include a casino, night-club, boardwalk, and other amenities.  The hotel project will be operated by the Marriott.  A special purpose company has been created to undertake the project.
“Government views the project as an attractive one for investment based on the location that allows an integrated entertainment complex overlooking the ocean and river, all fiscal incentives permitted by law, and the combination of a first class Marriott Hotel to be operated by Marriott with a separately operated casino to be operated by a third party operator that has not yet been selected.  The casino will operate pursuant to relevant legislation that requires the construction of a hotel containing no less than 150 rooms.
“No contractor for the project has yet been selected. It is Government’s intention to shortly advertise for the pre-qualification of contractors to build this project.  Government will in due course announce the details of the project.  In the interim, Government would like to urge the media to avoid any pre-mature statements or speculation on this project,” the statement concluded.