No financial closure on Marriott deal yet; Private investor remains a secret

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Chairman of AHI, Winston Brassington.
Chairman of AHI, Winston Brassington.

[www.inewsguyana.com]Officials are very confident that the Marriott Hotel deal will reach financial closure by the end of this year and that the hotel and entertainment complex will be opened by the third quarter of 2014.

However, the investor in the Marriott remains a secret and no revelation has been made as to whether there is a deadline for financial closure.

At a press conference today, Thursday September 20, Head of National Industrial and Commercial Investment Ltd and Chairman of the Atlantic Hotel Inc (AHI), Winston Brassington refused to divulge the name of the investor or the country which the investor is from.

He also refused to reveal the date of the deadline for financial closure on the project. Brassington reiterated to reporters that the investor will be revealed when there is financial closure. Brassington also explained that this investor was thoroughly vetted by Republic Bank and Marriott officials.

According to him, Republic Bank and Marriott conducted their own due diligence.

“…it is an indication that the private investor is fit and proper…he has been vetted and approved,” Brassington told reporters. Meanwhile, it was noted that a private equity partner is still being sought, and NICIL is expected to invest in the project.

Thus far, approximately US$20M has been spent on the project, and in response to a question, Brassington said that AHI is not worried that the project might become a white elephant.

It was also revealed that four bids are being evaluated by AHI for the operation of the entertainment complex. When questioned, Brassington did not want to reveal the names of the companies. However, he stated that some of them are local companies.

AHI also released the details of a feasibility study on the Marriott project, which was completed by U.S Company HVS Consulting and Evaluation. The study indicated that Guyana stands to benefit tremendously from its investment in the project.

The Marriott Hotel will house a Casino and a nightclub, along with 197 rooms. AHI remains confident that Republic Bank will provide US$27M to the project.

 

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