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President Donald Ramotar has said that the country has a bright future ahead, and projects like the Marriott Hotel, help to pave the way for that future.The government has faced unrelenting criticism for its decision to go ahead with the US$58 million project despite the evidence that hotels are struggling to fill their rooms.Among the reasons for the decision to build the hotel,Wholesale Jerseys, Ramotar stated at a press conference, is that it will allow Guyana to host “important conferences.”But it is the future prospects that Ramotar boasted most of yesterday to justify a decision to build the hotel.“Look at what will be happening in this country if we find oil…should we not try to anticipate our future and prepare for that?” Ramotar asked.President Donald Ramotar at yesterday’s press conference.The sort of planning for the future, Ramotar said, is precisely what his government is doing.“We have a bright future ahead of us…we have to have the infrastructure in this country to deal with what I anticipate,” he stated.The pessimism about the feasibility of the project stems from the fact that many of the country’s hotels concentrated in and around the capital and built for Cricket World Cup 2007, are operating on less than favourable occupancy rates.Finance Minister, Dr. Ashni Singh, said that there was a market feasibility study conducted by the Marriott Hotel Group and one conducted in 2010 by an independent American firm which is being updated for 2012.The American firm was not named, nor was the study by Marriott released.Dr. Singh said that confidentiality issues bar him from releasing those feasibility studies.The government, under Atlantic Hotels Inc. has entered into a contract with S.C.G International of Trinidad (a subsidiary of Shanghai Construction Group, China) to construct the hotel.The Marriott Hotel group, through one of its subsidiaries, will manage the hotel in accordance with standard Marriott rates per annum. The management fee would be a percentage of gross revenue with an incentive fee being a percentage of operating profit as well as other fees based on services.The financing structure for the proposed Marriott-branded hotel locks in private investors for a return of their dollars but taxpayers money risks being washed away if the ambitious project fails.Finance and industry sources say the project is a high risk one, given that existing hotels are struggling to fill their rooms, but government is pressing ahead and could end up putting US$21 million ($4.2 billion) into the project.But the plan to get the total financing required for the project includes arrangements that could see the government being unable to recover its money ahead of investors in a scenario where the project is doomed and left in the red.This could be deduced from explanations offered by Minister of Finance Dr. Ashni Singh in response to several questions raised by Khemraj Ramjattan, lead Parliamentarian for the Alliance for Change.The arrangement for financing, as announced by Dr. Singh, includes “senior debt” syndicated by Republic Bank (Trinidad and Tobago) of US$27 million.
