By Kurt Campbell
[www.indewsguyana.com] – Head of the Presidential Secretariat Dr. Roger Luncheon has disregarded as scandalous the recent reemergence of criticism in the local press regarding the construction of the Marriott Hotel in Guyana.
He pointed out too that the assertions are mainly from opponents of the investment.
Indeed, there has been a rise in disapproval regarding the project and as Dr. Luncheon has rightfully pointed out, it is a reaction to the recent disclosure of the details of the financing.
“It provided another opportunity for antagonist to engage in criticism, rehashing old points and pandering to the same interest.”
Over the weekend it was revealed that Atlantic Hotel Inc. (AHI) and Republic Bank Ltd completed the financial arrangements for a syndicated borrowing of US$27M for the construction of the Marriott hotel and the shell of an Entertainment Complex.
It was also disclosed that the private investor is British Virgin Island (BVI) registered, ACE Square Investments Ltd.
Among those upset about the deal is Alliance for Change (AFC) Leader Khemraj Ramjattan who was quoted in one section of the media, claiming that the Marriott Hotel Project is born out of fraud and will suffer great humiliation and embarrassment if it is allowed to continue.
But despite such comments among others, the Cabinet Secretary maintains that the project is legitimate and viable.
“Investors in equity and debt have reassured themselves about the projects viability and other important considerations… most would see the bank’s successful financing as the most definite evidence,” the Cabinet Secretary said.
Dr. Luncheon said too that it was more than the returns guaranteed to the National Industrial and Commercial Investment Limited (NICIL), who is an investor that propelled it forward.
He said it was its ability to brand and develop the local tourism product that rationalized the initiative.