-plans to repay $35M loan in phases
By Miranda La Rose
The decision to sell the incomplete Casique Palace and Banqueting Halls was painful but the money needed to continue the construction was simply not forthcoming, one of the investors said yesterday.
Despite this, Beverly Arthur told Stabroek News that she will not be deterred from investing in Guyana in the future. In an interview from New York Arthur said she plans to open a catering centre here very soon and retire here. She has already built her “dream” retirement home in Guyana, she said.
The woman said she and two partners had pumped a lot of money into building the Providence, East Bank Demerara facility as a retirement project. A self-professed “Guy-American”, Arthur said “It was my savings that I dumped into the project,” adding that some other investments had to be closed to secure the funding.
The completed project has been estimated at US$3.2 million but the sum spent has not been disclosed. However, a source close to the project said its current value including land, would be US$4 million.
Arthur said she and her partners were optimistic that they would have been able to secure funding from banks in Guyana or they would have sought funding overseas when they had the opportunity. However, on arrival and after starting the project, Arthur said they were not successful in securing loans locally. She said they approached several banks but “We waited for months for approval” to no avail or “we could have sought funding overseas.”
She said that the government offered to assist and provided a $35M loan which is still to be repaid. Arthur said arrangements were currently being made to repay the loan on a phased basis. Arthur said she could not “speak bad” about the government because the administration had given her its full support.
Arthur’s local attorney Joseph Harmon told this newspaper that serious bidders interested in viewing the facilities can make an appointment at his office. The facility which is located aback of the Buddy’s International Hotel next to the Guyana National Stadium is situated on land measuring 226,512 square feet with two buildings, comprising 45 apartments, conference facilities, catering centre, restaurant, swimming pool and recreational facilities. It is 40% complete a source said, and once completed it is expected to boast a unique architectural style. Harmon said that tenders should be addressed to PO Box 101210 or 101293, Guyana Post Office, Georgetown and must be sealed and submitted in writing no later than June 30, 2008.
The Casique and Buddy’s hotel both received advances from the government to aid their construction. Buddy’s, which was promoted as a travel and tourism venture, has been sold to the Princess International Group. Buddy’s began looking for a buyer even before its commitment to repay the entire $165.7 million advance was met.
