By Kurt Campbell
[www.inewsguyana.com] – The historic Tower Hotel along with some 200 acres of land [Emerald Tower] at Linden/Soesdyke is being bought for US$8 million, the potential owner announced this morning, Thursday, October 30.
President of the buying company out of Canada – Panther Recycling Corporation – Mike Mosgrove announced too that an additional $2 million will be used to refurbish the Hotel and bring it to the desired level.
The Hotel’s management was forced to close its door to the public in May and staff were sent home without pay even as the electricity to the Main Street building was disconnected; a situation that signaled bankruptcy for the owners.
Mosgrove, who has been very active on the local scene in recent years trying to set up a recycling plant, told reporters that reopening the hotel is an adventure for him personally.
“If it doesn’t work, it’s my fault, and I don’t play for making things work,” Mosgrove said; adding that “we want to make it the landmark it once was.”
He would only say that the hotel was being bought from a gentleman who is currently in New York. He clarified too that he was not buying the corporation that currently exists.
“I don’t want the dirty business; I don’t want anything to do with it I am buying the assets.”
He explained, “if we go back to the internet I’m hearing words like bad water and I’m aware of a shooting that took place in front there a few years ago. This is something we don’t want to promote… we want to promote an honest community where you can come enjoy yourself and be safe.”
He outlined two broad reasons for purchasing the facilities; explaining that it was a nice asset to have and it will also provide jobs and enhance the downtown atmosphere.
According to the businessman, the 200 acres of land will be used to develop a different type of resort for Guyana; adding that surveyors are currently at the site conducting work.
“We want to make Guyana more of a destination place than what currently exists,” he said.
Mosgrove, speaking for Panther Recycling Corporation, said among the financiers behind them are Scotia Bank and Lenders Direct among others.
He is positive about this endeavor and thinks it is a great time to get into the hotel business, locally.