A PAIR of local investors plans to add to the ongoing transformation along the East Bank of Demerara (EBD), with the construction of a modern $50 million apartment complex.

According to a project summary seen by the Sunday Chronicle, the complex, which will have nine two-bedroom accommodation spaces, will be constructed on a plot of land spanning 0.127 acres.

The proposed three-storey complex will not just have all the necessary amenities, it will also be built with emphasis on the environment, aesthetics, green engineering, and health and safety.

At the end of this project, the hope is that the complex will be the first choice for ambitious and enterprising guests who see long-term stays as a driver of personal fulfilment and professional growth.

This is aligned with the initial inspiration behind the conceptualisation of this project, which is the growing demand for high-quality hospitality services in Guyana. This increase is fuelled by an influx of contract employees, expatriates, business personnel, learners and other travellers.

According to a study by Oxford Economics, hotel operations and guest-spending support eight million jobs across the U.S. alone. The same study found that a typical hotel with 100 occupied rooms per night supports 230 local jobs every year. And the nation’s hotel and lodging industry brings other important benefits to local communities.

These businesses are cornerstones of local economic activity, providing increased tax revenue; capital investment; tourism-related development and promotion; civic leadership; charitable contributions and sponsorship.

These benefits are also expected to accrue to Guyana, as the country continues to function as an investment magnet The aim, as outlined by President Dr Irfaan Ali, is to provide at least 2,000 first-class rooms, making Guyana “a conventional destination.”

A business-friendly climate, supplemented by the anticipated economic ascension, is being credited for the attraction of major players in the hotel industry such as the Sheraton, The Element, Delta Marriott, Best Western Hotels and Resorts, the H- Tower Luxury Hotel, the Hyatt Hotels Corporation, the Radisson Hotels, and the Hilton Hotels and Resorts, Palm Court International Hotel and King’s Hotel and Residences, among others.

These potential investments are seen as timely, because Guyana, which sits on the edge of South America and has a population of about 750,000 people, is expected to ‘boom’ with its new-found oil wealth, which is expected to drive infrastructural development and other sectoral advancements.