— launches US$100M hotel expansion project

CLOSE to US$100M will be injected into the extension of the Pegasus Hotel, said Chief Executive Officer (CEO) Robert Badal at the launch of the expansion project on Thursday.
The project which entails the construction of two high rise structures which will house first world quality office, living spaces and all the services of a first class hotel will be executed by China Harbour Engineering Company Limited (CHEC).

Thursday’s ceremony saw in attendance Minister of Business Dominic Gaskin, designers, senior officials of the premier hotel and Pastor Terry Davis who blessed the ground.
Speaking to the media, Badal said the new project. which has been in the planning stage for quite some time, will be classed as a “Grade ‘A’ property” and is a timely addition to the country as it moves rapidly ahead in the oil and gas sector.

“It’s a very innovative project and I think our country needs it at this time looking at what we’re expecting in 2020 in terms of the oil and gas sector.
“This project has been planned for a long time and the team I have, we’ve been working on it for the last year. So, I’m very happy we’re at the stage where we’ve met now and this launch here today is the first step towards doing construction,” the proprietor said.
Minister Gaskin said the investment is a clear sign of confidence in Guyana’s advancing economy and a clear vision of what investors perceive to be possible in the country’s future.

“We’re all here and we see an empty field but this investor sees more than that and is willing to put his money where his mouth is, where his dreams are and I wish him all the best and Guyana, I believe, wishes him all the best,” Gaskin said.
Just a few yards away from the Pegasus Hotel is the government-owned Marriott Hotel. Questioned on whether the expansions would be seen as competition, Gaskin responded in the negative.

“[The hotel expansion] it complements. We expect demand. I don’t think that a project of this magnitude would have been undertaken without some feasibility studies and without some projections of what the future holds for Guyana.
“I think we need this, we need accommodation especially at the Grade ‘A’ type of accommodation that Badal referred to so, it’s all good as far as I’m concerned,” the business minister said.

He then encouraged other local industries to utilise the attraction surrounding the petroleum sector to create new employment opportunities and grow their businesses.
“Those other industries need to be strengthened and we need to use the developments in the oil and gas sector which are creating interest in our economy to… actually create growth and development in the other sectors,” he said.

However, as investors pool in and new businesses are created, there is the need for the rights of consumers to be protected and for laws and policies to help safeguard consumers from exploitation.

Gaskin said whether it is through legislation or an improvement of standards, the business and tourism ministry intends to maintain its responsibility for consumer protection.
“Consumers are the basis for a lot of the economic growth that we experience in Guyana, we have vibrant retail sector and therefore we need to ensure that consumers’ rights and interest are looked after,” the minister added.