Dr. Jagdeo says

VICE-PRESIDENT, Dr. Bharrat Jagdeo, has announced that the sale of the Marriott Hotel is “wrapping up” and his government already selected the bid of US$90 million, which was tendered by American businessman, Ramy El-Batrawi.

“…It’s basically to wrap up, you know they’re negotiating with the bidder,” Dr. Jagdeo said during a press conference at the Arthur Chung Conference Centre (ACCC), on Thursday.
The Vice-President said that his government has already accepted the highest bid, which is US$90 million; this means El-Batrawi could be the next owner of the Marriott Hotel.
Six companies were competing to acquire the Guyana Marriott Hotel. However, only two of them resubmitted their bids, and met the minimum price of US$85 million set by National Industrial and Commercial Investments Limited (NICIL).
Initially, the highest of those six bids then was US$65 million, tendered by El-Batrawi. The second highest bid tendered was US$55.5 million from local businessman and owner of the Pegasus Hotel, Robert Badal.

However, because this did not meet the government’s expectations, both were invited to resubmit their bids to which El-Batrawi’s company X, LLC then submitted the US$90 million bid while the Integrated Group Guyana Inc. submitted a US$86.1 million bid.
The Guyana Marriott, situated in Kingston, was established in 2015 with a total investment of US$52 million. The funding for the project was secured through a combination of public investments and a syndicated loan worth US$27 million, provided by Republic Bank Ltd.
The government contributed US$30 million to support the venture through NICIL. The government initially owned the hotel through the Atlantic Hotel Inc. (AHI).
However, in 2017, AHI faced challenges meeting its loan obligations, prompting the government to intervene. Consequently, the government assumed control of the loan by acquiring all shares in AHI.