A consortium of overseas and local investors led by businessman Robert Badal has bought the Pegasus Hotel for an undisclosed sum of money.
Badal told this newspaper yesterday that the hotel was purchased on Friday from Lehwood Netherlands Hold-ings in a private deal. He said that sale saw the new owners taking control of the establishment from yesterday.
However, according to Badal, the change of ownership does not signal a huge shake-up at the hotel. He explained that the management and staff of the hotel have all been retained. “Even though ownership has changed, the management and operations of hotel continue uninterrupted.”
Badal said the number one priority of the new owners is “to elevate the level of hospitality and comfort provided by the hotel”. To help achieve this, US$3 million has been set aside by the new owners towards modernizing the hotel, the businessman explained. He said the aim of the investors was to have Pegasus transformed into a five-star hotel. He emphasized that the new owners wanted to build on the already favourable reputation that Pegasus Hotel enjoys.
He disclosed that the plan is to have a highly improved service within the next year. This, he explained, would include an elaborate poolside bar, and better room comfort and service. Badal ruled out the possibility of a casino becoming operational at the hotel.
The businessman further said that the plan is to introduce an affordable local rate to attract Guyanese to the Pegasus.
Badal, the Chief Executive Officer of Guyana Stockfeeds Ltd, described the investment as one that required “a lot of courage and optimism” especially in the midst of a global financial crisis. He added that it was an “act of patriotism” and said that the new owners hoped to tap into Guyana’s unique eco-tourism.
This sale comes after months of speculation regarding the future of the hotel. Last November, a new management team took over the operation of the Pegasus Hotel, which officially severed ties with the Starwood chain of hotels and resorts. This change in management led to the hotel dropping ‘Le Meridien’, the brand owned by Starman UK Services Company, from its name.
During a press conference in February Head of the Presidential Secretariat Dr Roger Luncheon, when quizzed about the sale of the hotel, disclosed that a local businessman had been making enquiries about purchasing the establishment. Without naming the businessman, Luncheon said he had commenced negotiations with the hotel management, but the deal fell through after he was unable to put up the required finances. He further stated that the businessman was also not inclined to make certain disclosures about his finances resulting in the talks coming to an end.
