Guyanese Online

 …at least 3 more eyeing Guyana market

 Jul 23, 2022- Kaieteur News – In determining whether their investment in Guyana would be positive, six international hotels, some of which have commenced developmental work here, conducted a major market study that resulted in the entities wanting to develop around 1000 hotel rooms to cash in on the increase of business being conducted in the country.

This is according to Go-Invest Chief Executive Officer (CEO) Dr. Peter Ramsaroop who informed this newspaper that six international hotels would be on display for Building Expo which opened at the National Stadium yesterday. Ramsaroop said that each hotel is bringing a different value to the market, since they are presenting different types of rooms, “to potential tourists, business executives, technicians that are coming in for the support of the industry.”

However, before taking the leap, Ramsaroop said, “each of these hotels had to conduct a major study on the need for hotel rooms.” He said they hired million dollar firms to study Guyana’s market and sectors as it relates to the movement of people coming in and whether it is wise to pump money into the hotel sector. The fact that the six hotels are going up with about “three more in the pipeline”, Ramsaroop said the studies therefore came back positive.

As such, the six hotels are being constructed at around US$40M each with some costing a bit more.

They are: the Hyatt Place Hotel costing over US$32M with around 125 rooms at the Providence on the East Bank of Demerara (EBD) and owned by Trinidad registered company, SIR Investments Guyana Inc, a subsidiary of Universal Investments Limited; the 172 room Four Point Sheraton at Houston EBD for US$35M by Investor Andres Botero-Toro; the 13-storey US$45M Pasha Global Hotel at Liliendaal, East Coast Demerara constructed by Suriname’s Pasha Global and Blue Bridge Inc.; the US$45 million 150-room AC Hotels Marriott in the vicinity of Ogle on the East Coast of Demerara (ECD); the US$20M 150-room Marriot Courtyard hotel at Timehri, all of which sod turning events have been held and the 150 Sheraton Hotel entertainment giants, Hits and Jams would be building with a foreign partner.

Ramsaroop said it is an exciting period in Guyana which is “developing at a rapid transformative pace under President (Irfaan) Ali’s vision of massive transformation in every sector.” Over the last two years, the need for hotel rooms has become very evident and investors have seen that as well as the country’s expansion in various sectors. “And an investor such as these, rely on a stable democracy, stable macro-economics, visionary leadership and the ease in doing business. This is all what they have seen to put millions and millions of US dollars into such an investment,” the local investment agency head stated.

He continued that the need for hotels is not only driven by the oil sector- despite the country recording massive growth as a result of the operation of the lucrative industry. He highlighted nonetheless that “it is actually the development and  modernization of our known sectors such as mining, agriculture, energy- and as the president brings energy cost down by 50 percent- we are ‘gonna’ have a revolution in manufacturing, agro processing. These are all key industries that are being modernized. The oil sector is one additional sector…”

At this point, Ramsaroop said Go-Invest’s job is to ensure investors visit to look at what government is interested in and where the agency can assist both in connecting locals with foreign businesses; looking at concessions that may be possible and where government would like to see new industries developed.

Go-Invest, he said, is also keen to ensure that for any concession given, “we make it back at some point in government through corporate taxes, PAYE, etc. and that the investment climate is right for such investments.”

Additionally, Ramsaroop lifted the investments for the jobs and other contributions it will bring to Guyana, including employment during and after the hotels’ construction, income to the government and training for Guyanese within the hospitality sector.