Last Updated on Thursday, 18 May 2023, 18:31 by Written By Denis Chabrol
Vice President Bharrat Jagdeo on Thursday welcomed the receipt of a bigger offer for the state-owned Marriott-branded hotel in Kingston, Georgetown.
In the second round of bidding, the first one having been scrapped because of the low offers, American businessman, Ramy El-Batrawi and founder of the investment group X, LLC increased his bid by US$25 million, taking it to US$90 million.
Mr Jagdeo explained that government’s informed the bidders that government was not going to sell the hotel for less than US$85 million, resulting in two offers for US$86 million and US$90 million.
“Clearly, people see in Marriott a great value and we are going to earn, as a country tens of millions of dollars more than we spent on building it and that money will come into the Treasury to do other things for the people of this country,” he said.
Now, he said government would analyse the bids, based on a prospectus was sent to all the bidders.
Previously, X, LLC had tendered the highest bid at US$65 million and Palm Court’s Integrated Management Group had offered US$55 million.
Government wants to sell off the 197-room Marriott-branded hotel before it faces stiff competition from at least seven other globally-branded hotels that are under construction.
