IN a press release issued yesterday, the National Industrial & Commercial Investments Limited (NICIL) responded to two misleading articles carried in the Stabroek News as (1):“Desmond Trotman moves to block transfer of Marriott Hotel land lease – envisages fee of $300,000 per annum for 99 years”, appearing in the

Saturday, June 29, issue; and (2) “Calls made for Marriott lease to be investigated”, appearing in the issue of Tuesday, July 2.
The NICIL press release said Desmond Trotman’s move to block the leasing of Block Alpha to Atlantic Hotel Inc. (AHI) follows a pattern of action by special interest groups to stymie the development of the Marriott Hotel project.
“There has been no secrecy or sinister motive behind the lease agreement for the 6.886 acres of land upon which the Marriott is being built,” the release declared.
In June 2012, NICIL said, it responded to questions raised in Parliament about the project by submitting to the National Assembly the Marriott Contract, AHI’s Tax Agreement, and the Agreement to Lease, entered into between NICIL and AHI and dated 28th January 2010.
These agreements have all been in the public domain for over a year, NICIL disclosed.
Thereafter, NICIL said, the Government held a debate on the Marriott Project, in which part of the Opposition participated, and the issue of lease charge was never raised.
“The government has always said that it remains open to making presentations made to the Opposition on this project (in a manner similar to the Amaila Fall Hydro Project),” the NICIL release declared.
“In all aspects of the project, NICIL has publicly advertised for interested parties (to date, at least 5 different advertisements have been issued). These include seeking investors, seeking the contractor, seeking the supervisory firm, and seeking parties to operate the Entertainment Complex, NICIL contends in its release.
NICIL contends in its release that the lease rate payable by AHI is based on the following considerations: Government has, on many occasions, issued concessionary lease rates where there is substantial capital investment on the said property and significant positive developmental benefits to be accrued. The objective behind this move, NICIL contends, is to encourage investment, employment, and income generation.
“AHI is making an investment of US$60M in development on the said property, which is one of the largest investments on any land in Georgetown,” the NICIL release declared.
“The lease rate is the same price of GD$1.00 per square foot (plus VAT) charged on the tenants of the Eccles and Coldingen Industrial Estates, all being properties owned and managed by NICIL”.
The NICIL release said the terms and rate of the lease granted to AHI are the same as those that had been issued to a private developer for the said property over 10 years ago. That developer withdrew in 2009, following the US financial crisis of 2008.
“AHI and NICIL have pursued the development of this project in an open and transparent manner. The Marriott Hotel Project has huge developmental benefits, including the creation of over 250 jobs for Guyanese, once completed; and the establishment of a modern, world-class-branded hotel that will support the expansion of Guyana’s travel and tourism sector,” the NICIL release declared.