Pegasus Hotel Expansion
Works on the Pegasus Suites and Corporate Centre have now commenced next to the current Pegasus Hotel.
Privately-owned Pegasus Hotel, looking to capitalize on the emerging oil and gas sector, has unveiled an ambitious US$100M expansion project, including a 15-storey tower and state-of-the-art convention centre.
On March 8, 2018, the sod was turned in the hotel’s adjoining property near the tennis court with Chairman, Robert Badal, hailing the investment as the city’s largest investment.
The contract has been awarded to China Harbour Engineering Company (CHEC), the same company that is in charge of the US$150M airport expansion at Timehri and the MovieTowne project at Liliendaal, East Coast Demerara.
The upcoming hotel represents one of the largest investments (US$100M) of the local private sector in Guyana. Plans for its construction indicate that there will be a 12-storey hotel to provide luxury accommodation, which will feature bars, restaurants and entertainment facilities, as well as long term accommodation. A second tower, intended to be the hotel’s corporate centre, will be built alongside the Pegasus Suites. Badal intends for it to feature first world offices and conference facilities.
A release by Pegasus earlier this year had stated “This investment brings a new model of business tourism complementing the current hotel and entertainment facilities at Pegasus Hotel. Companies doing business in Guyana would now be able to have Grade A offices and accommodation on the same location. Many expat companies that have their offices in Trinidad and beyond who are developing businesses in Guyana would now find it more competitive to move some of their administration and other activities to Georgetown, bringing significant employment.”
The owner expects the new towers to benefit the city, and the Guyanese economy at large, from enormous rates and taxes, as well as employment opportunities for hundreds of Guyanese. Badal said that, even in the construction phase, most of the 300 workers are Guyanese. Local contractors are also benefitting from the solicitation of their services as well as building materials for the centre. Badal said that the hotel will contribute more than $200M in revenue via Value Added Tax (VAT) to the economy, in its first year alone.
A public advisory by Pegasus Hotel states that a fence has been erected on a portion of the northern parapet of Seawall Road in the interest of public safety, and that the business has received all necessary permissions and cooperation from the Ministry of Public Infrastructure.
Comments
Waterfalls newspaper didn’t say that the airport expansion was a costly sham?
Last time Chinese companies came to build these large buildings, a YouTube channel named “Real Guyana” exposed how it was mostly Chinese foreigners who built the Marriott Hotel.
The IMF never criticizes that, but discourages the government of Guyana to rightfully invest in proper water, electricity, education and healthcare.
Build fancy 15-storey building, but IMF doesn’t want Guyana to upgrade the infrastructure, what a shame!
I see a future where there will be large buildings like the Pegasus Towers, but no jobs for us in GT. The foreigners know that they will have to “push” as many of us Guyanese out of the country so that we don’t pose a threat to their elitist charade.
The foreigners have already committed displacement and economic genocide against the Amerindian tribes in Ecuador and Costa Rica. Read “Diary of an Economic Hitman”. Can’t trust these corporate foreigners. They will not only pillage and rob us, but also send us to our graves.