GENERAL Secretary of the ruling People’s Progressive Party, Mr. Clement Rohee, yesterday rejected criticisms that the Marriott Hotel Project is mired in controversy.Commenting on the release of information about the investors involved, at the party’s weekly news conference, at Freedom House, in Robb Street, Georgetown, he declared: “The controversy is political and is politically manufactured, precisely because, like all projects started under the Jagdeo (former President Bharat Jagdeo) Administration it is deemed as deeply suspicious.”
Rohee emphasised that the disclosure is reflective of the Government’s commitment to being transparent.
“What is the direction from which the hullaballoo is coming?” he asked.
Rohee declared that the project has only been deemed controversial due to the few parties opposed to it, including the owner of the Pegasus Hotel, who is known to be a key supporter of the Alliance for Change (AFC); certain leaders of the Guyana Trade Unions Congress (GTUC), who are strong supporters of A Partnership for National Unity (APNU); the AFC and APNU themselves; and certain media outfits aligned to the Opposition.
He maintained that: “Comments by these Opposition groups have ranged from incitement to xenophobia. References in various media outfits to this controversial project are referring to the controversy created by their own publication of positions of those few interests opposed to the project.
“…it is phases like this (that there is a real problem with the project) that is fueling controversy…as far as I am concerned the major players in this project, the Government, the Private Sector and the Tourism Association, have welcomed the project. These are the key stakeholders, who have not raised one iota of talk that indicates controversy.”
Rohee insisted that the release of the investor details follows on numerous prior releases made by the Government including by the Minister of Finance, since 2012, that included the construction contract, tax agreements and lease agreements.
“This was followed last year with AHI releasing additional information including major sections of the feasibility study produced by internationally recognised HVS International that detailed the total investment and the sources along with the financial returns. Indeed, the Government has responded to various parliamentary questions and fully participated in various debates (both in Parliament and publicly) on the project,” the General Secretary said.
Last Saturday, Atlantic Hotel Inc. (AHI) and Republic Bank Ltd. announced the completion of the financial arrangements by the latter for a syndicated borrowing of US$27M in debt financing for the former.
This is for the construction of the Marriott operated hotel and the shell of an entertainment complex in Kingston, Georgetown.

Joint statement
A joint statement from AHI and Republic Bank, on behalf of its consortium of lenders, said the two parties received approvals and the transaction is expected to be concluded shortly.
The principal investors in AHI (Marriott Hotel Guyana Project and Entertainment Complex) are National Industrial and Commercial Investment Limited (NICIL) and British Virgin Islands (BVI) registered ACE Square Investments Ltd. ACE Square Investments Ltd, which will acquire 67 percent of the equity of AHI for US$8M. As required under the Hotel Management Agreement between Marriott and AHI, Marriott has consented to the transfer of the controlling interest of AHI from NICIL to ACE Square Investments Ltd.
Ace Square Management Ltd, affiliated company of ACE Square Investments Ltd., has been selected to operate the entertainment complex and secure the outfitting cost, estimated at a minimum of US$4M. Additionally, Ace Square Management Ltd will guarantee a minimum financial performance of the entertainment complex, consistent with the feasibility study conducted by HVS International (dated October 31, 2012). Ace Square Management Ltd’s beneficial shareholders are the same as ACE Square Investments Ltd. The beneficial owners of the shares in ACE Square Investments Ltd., and the owners of the shares in ACE Square Investments Ltd., through a BVI registered holding company, Big Splendor Limited, are Hong Kong businessmen, Mr. Victor How Chung Chan, LLB (Hon.) and Mr. Xu Han, BSc, MBA, DBA.
The PPP General Secretary stated that the party recognises that the investors have been approved by Marriott and Republic Bank following completion of their due diligence.
Rohee said the Marriot Hotel is one of Guyana’s transformational projects.

(By Vanessa Narine)