Vice-President Bharrat Jagdeo today announced that the Guyana Marriott Hotel will remain under the government’s control for now as they will not be moving ahead with its sale given that the highest bid to purchase the hotel was only US$65m.
At his weekly press conference, Jagdeo said that they were only testing the market when they went to tender, stressing that they will keep control of the hotel until they are able to attract a bid which reflects the real value of the hotel and its capacity to earn.
He stated, “When we went out to tender we were testing the market… We believe in the government that none of the bids meet our price expectations and therefore we will not proceed with any of those bids.”
According to him, “The Marriott will remain in the public domain as part of the government until we can get an appropriate offer that mirrors the true value and we know what the true value will be in the current context.”
Earlier this month, American businessman and entrepreneur Ramy El-Batrawi, founder of investment group X, LLC tendered the highest bid for the Guyana Marriott Hotel of US$65m.
