Cardinal Investments Inc yesterday said that it has executed final agreements with Marriott International for a 140-room Courtyard by Marriott hotel at the Cheddi Jagan International Airport (CJIA), Guyana.
The hotel is projected to cost US$20 million and is expected to open for business in early 2023. The Courtyard by Marriott which has more than 1,200 locations in over 53 countries and territories, will be the second Marriott International brand in the country.
Cardinal is owned by the husband and wife team of Roy and Denise Bassoo.
According to release from Cardinal, four agreements were executed by Roy Bassoo on behalf of Cardinal Investments: (i) Hotel Management Agreement; (ii) License and Royalty Agreement; (iii) International Services Agreement; and (iv) Technical Services Agreement. Eduardo Reple, represented Marriott International at the signing while the Agreements were witnessed by local counsel, Steven Fraser.
A commemorative handover ceremony was recently held at the Guyana Marriott where Reple handed over the executed copies of the agreements to Denise Bassoo, Corporate Secretary of Cardinal Investments Inc. He also commended them for their “pioneering vision” in pursuing a new Marriott International Hotel in Guyana. Witnessing the handover were: Minister of Public Works with responsibility for the airport, Juan Edghill; Chief Investment Officer, GO-Invest, Dr Peter Ramsaroop; and advisor to the project company, Winston Brassington.
Edghill in his remarks said: “Development has an expiry date and so we must take advantage of the opportunities presented to us right now”. He added that “investments made by the private sector spearhead development and when businesses thrive the country as a whole can also reap the rewards.” He acknowledged the urgent need for a hotel at the CJIA, in light of the growing business opportunities in Guyana.
Ramsaroop said he was “exuberant to expedite the commencement of this project as it will be the first major airport hotel in Guyana and [will] dramatically improve the calibre of Cheddi Jagan International Airport. Moreover, the hotel will be a one-minute drive from the entrance of the CJIA and is expected to accommodate airline crews and staff, business personnel, diplomats, and other travellers. As such, the development will facilitate the ease of doing business for investors and establish convenient accommodations for tourists.” Ramsaroop also noted that “the project is fully supported by the Government of Guyana and this is the second Marriott International hotel in Guyana since its inception under the previous PPP/C administration and will continue to provide outstanding hotelier services under a reputable and longstanding developer, Bassoo Building and Civil Engineering Contractors.”
Chief Development Officer, Marriott International Caribbean and Latin America, Laurent de Kousemaeker stated, “We are thrilled to bring the Courtyard by Marriott brand to Guyana and further expand our portfolio in the market. The collaboration with Cardinal Investmenta Inc. was key to forging the deal, which will give business travelers and other visitors, additional choices in the destination.”
Cardinal Investments Inc is a special-purpose company created by Roy and Denise Bassoo and will design and construct the 140-room Courtyard by Marriott hotel on 2.5 acres of land leased from the government.
In December, GO-Invest executed an MOU for the project, in line with incentives being granted for all new projects. It was also announced in December that R Bassoo and Sons had entered into initial agreements with Marriott International and the Government of Guyana to design and build the hotel. These agreements followed the company’s response to the Government’s Request for Proposal (RFP) and included a Letter of Intent (LOI) with Marriott International, a completed market study by Hotel Valuation Services (HVS) – one of the foremost hotel valuation firms – and a conceptual design by Urbahn Architects (New York’s 2019 Design Firm of the Year).
