The Marriott Hotel project is back in the news following the announcement that ACE Square Investment Ltd. is the company that will be acquiring 67 per cent of the equity of the hotel with an investment of US$8 million. The company is incorporated in the British Virgin Islands and is owned by two Hong Kong businessmen. However, it has no experience in the hotel business, and it is therefore unclear how the company was chosen. This was despite 12 public advertisements that were placed to solicit expressions of interest from experienced operators who “have already established themselves as a brand regionally or internationally and can demonstrate extensive knowledge of the particular field of operation.”
For over a year, information about the investor was not disclosed on the grounds that negotiations had not been completed and that whatever information was available was confidential. Despite this, the construction of the hotel has been proceeding smoothly, and according to news reports, it is expected to be completed within