– Investments total US$60M

THE construction of two five-star hotels at Ogle is expected to commence in two months, and the budgeted cost for these hotels is US$60M – approximately GYD$12.6B.
According to a press statement from the National Industrial & Commercial Investments Ltd. (NICIL), the first hotel will cost them some US$20M, while the second hotel will cost between US$35M and US$40M.

There will be a consolidated total of between 240 and 260 rooms in the two hotels, which will be built at Ogle, close to the Eugene Correia International Airport.  Caribbean Marketing Enterprises Incorporated (CMEI), the company spearheading the projects, said construction will commence within the next two months, after all the requisite documents are finalised.

Head of CMEI, Guyana-born Edmond Braithwaite, who has been eyeing investments here for some time, said while his group wants to invest in multiple Guyanese sectors, it chose to begin with two world-class hotels.

He said the hotels are expected to service the projected growing tourism market with the expansion of ExxonMobil investments in the country. “The team is a multi-talented team made up of professionals. It’s a team that has significant experience in real estate, retail (and) in the oil and gas industry. We have done some significant work recently as we have completed a hotel in Argentina.

“We are currently seeking to complete the hotel in St. Lucia and another in Antigua and these two hotels were constructed for Exxon, so we  do see an interest in Guyana right now and that is why we have come in as we are prepared to execute a number of projects right now,” said Braithwaite.

He said their visit here is a testimony that the CMEI is no longer looking but rather ready and prepared to invest. The investment is twofold: infrastructure and human resources. Their investments target developing Guyanese self-sufficiency to help guarantee ‘autochthonous’ national development. In the construction phase alone, a minimum of 300 jobs will be created.

Braithwaite’s vision, in the long run, is for 20 per cent of his company’s businesses to be owned by locals. Construction of the two hotels is expected to be completed in 2023.
In addition to investments in the hospitality sector, Braithwaite also wants to participate in sports and contribute to charity.

“We will be focusing on contributing to sports as we recognise that a number of young people are into sports and to give to charity as we recognise that they are several charitable organisations around. I will repeat the commitment that we have made to the government: that whatever we do the Guyanese people will continue to benefit in a very tangible way,” the investor said.

Meanwhile, Chief Executive Officer (CEO) of Energy Real Estate Solutions (ERES), Mike Elliott, said they are excited and ready to go with the hotels.
His company, which is part of CMEI, will be purchasing 20 acres of land to construct two five-star hotels here. He said after an extensive market research they found that the demand is severely high for not one but two hotels. The hotels will be equipped with golf facilities and other amenities.

Elliott said his company held discussions with a number of major hotel brands, and it was just a few days ago that his agency conducted a sod-turning exercise for a 150-room AC Marriott hotel. Another symbolic sod-turning ceremony will be conducted today for the multi-million-dollar projects. The sod-turning ceremony was organised by NICIL following lengthy negotiations with the officials of CMEI. Finance Minister, Winston Jordan, is expected to deliver the feature address at Wednesday’s sod-turning ceremony.

“Guyana is evidently on the rise and with yet another sod-turning exercise for two more internationally-branded hotels is a testimony that this country is growing by leaps and bounds. We will have for each of the hotels 120-130 rooms, while we will have a restaurant, entertainment centre, a mini golf course and other amenities of a full-service hotel. We have not considered having a casino, but I would like to say that we have not ruled it out as being part of our plan. “We are a company focusing on markets all around the world and we have seen communities like this and how they grow, so this isn’t unfamiliar territory for Energy Real Estate Solutions. We know that the market will grow significantly in the next of couple years and we are here to help with that growth, while giving back to the community,” said Elliott.