As hoteliers anticipate an increase in arrivals brought on by the discovery of oil offshore Guyana, local companies such as King’s Jewellery World and Palm Court have responded to the government’s call for investors to build hotels which aim to provide first-class accommodations.
The investors were granted permission to commence working on their projects after Tuesday’s signing of separate Memoranda of Understanding (MoU) with the Chief Executive Officer (CEO) of the Guyana Office for Investment (G-Invest), Dr Peter Ramsaroop.
Harrinand Persaud, Chief Financial and Marketing Officer at King’s Jewellery World, told this newspaper yesterday that the jewellery company has developed plans for about three years now, for rebuilding the Water Chris building located at Quamina and Waterloo streets, South Cummingsburg, Georgetown, which will house the New King’s Hotel and Residences,. Following the MoU signing, Persaud said that the company will now proceed to demolish the current building and erect the new hotel which will cost between US$10 to 12 million. The establishment will have 40 rooms and a sky bar as well as a Bistro-type facility similar to the King’s Residency Suites. There will also be a shopping area.
Considering that the hotel is part of the Government’s request to provide jobs and accommodation for persons amidst the expected boom in tourist arrivals as the nation’s oil resources skyrocket, the company hopes to provide jobs for approximately 100 employees. This is twice as much as the company’s current staff, Persaud noted.
The Original Palm Court will also be expanding its services by establishing a multi-million hotel which will be located on the East Coast of Demerara, a reliable source told this newspaper.
Another popular company which will be building a hotel in Georgetown is the Stay Plus Hotel by Best Western. Directors of Arimu Investments, Lorenzo Alphonso and Geraldo Alphonso are the stakeholders of the hotel which it is estimated will cost US$15 million ($3 billion). The hotel will span eight stories, featuring more than 100 bedrooms, dining & restaurant facilities, executive bar & lounge, gym, and conference hall and it will offer executive taxi service with valet parking, Geraldo Alphonso told this newspaper. He said the hotel is expected to create 150 jobs during construction and 50 jobs during its operation. The project will begin in the first quarter of 2021 and should be completed in 18 months.
