| Atlantic Hotel Inc (AHI), which is the special purpose company, established to own and manage the Guyana Marriott Hotel is emphasising that it is not bound to accept an Expression of Interest from any investor.AHI is headed by Winston Brassington, who until recently presided over the Privatisation Unit. In its final call for Expressions of Interest (EOI) from potential investors in its most recent invitation, AHI has included a clause that,Wholesale Authentic Jerseys, “AHI is not bound to accept any Expression of Interest.”Winston BrassingtonThe invitations which have been carried in the Guyana Chronicle says that while AHI is in receipt of a number of EOI from private investors (both Institutional and Corporate),Cheap NFL Jerseys China, is currently looking to finalise the selection of one or more participants who will collectively own 67 per cent of AHI’s equity with a total subscription of US$8M.According to the advertisement which has as its signatory, AHI Chairman, Brassington, the Government of Guyana via National Industrial and Commercial Investment Limited (NICIL) will be a minority partner owning 33 per cent of the AHI equity.According to the company “collectively, the total common equity of AHI will total US$12M.”A senior Government official said that such a clause is customary. All Governments have clauses like that in tenders and in the award of contracts.In the case of the Marriott Hotel, the government would accept an investor with experience in the hotel industry ahead of an investor with no experience.But one businessman said that this is a conniving and deceiving move to fend off any potential investor. Instead it is designed to attract their friends and cronies.Such clauses lead to discrimination and all manner of corruption.Examples can be seen in the sale of the Duke Lodge annex. A bidder had submitted a bid $15 million more than Gerry Gouveia but failed. Gouveia got the annex.The argument Bharrat Jagdeo gave, when questioned, was that the decision was an economic decision.Another example was the 20 per cent Government shares in Guyana Telephone and Telegraph Company. This was advertised and later withdrawn.The businessman said that the government did not find favour with any of the bidders.“In any case, who would want to sell 20 per cent shares in a highly profitable company in the first place? And why would the government not want to sell the shares to the highest bidder? Who on earth wouldn’t want to sell their 20 per cent shares to the highest bidder?”“The clause is intended to allow the government to do what it wants and to get away with it.”Just days before the November 28, 2011 General and Regional Elections the stakeholders held a long-awaited sod turning ceremony in Kingston for the Marriott Hotel where it was unveiled that the Shanghai Construction Group which is already in hot water in at least two CARICOM countries has been contracted to build the hotel.The sod turning ceremony was held at the site in Kingston prepared by the government for the hotel and was attended by several key members in society including Chairman of the Private Sector Commission Ramesh Dookhoo, former PSC Chairman and hotelier Captain Gerry Gouveia,Cheap Baseball Jerseys, Peoples Progressive Party Civic Presidential Candidate Donald Ramotar, Attorney General Charles Ramson Snr, Prime Minister Samuel Hinds, and personal friend of then President Jagdeo, CEO of Queens Atlantic Investment Incorporated Ranjisinghi ‘Bobby’ Ramroop among others.The gestation period for the programme was described by Jagdeo as painful and replete with ‘ups and downs’ but he expressed satisfaction at the hurdle crossed. This,Wholesale Jerseys Free Shipping, he said,Authentic NFL Jerseys Cheap, also spells renewed optimism for the future.The Marriott Brand Hotel in Guyana has been a bone of contention ever since its announcement and over the years,Cheap NFL Jerseys, information regarding the progress being made on the project proved to be elusive with the stakeholders changing over time.On November 16, last, following approval by Marriott of the revised designs, a ‘design and build’ contract was executed with SCG and AHI to the value of $50.9M.According to Brassington, the cost encompasses the delivery of a 197-room facility built on a turnkey basis.The hotel is slated to also accommodate a large ballroom, conference hall, casino, restaurant and nightclub facility among amenities, “of a full service Marriott.”Brassington, speaking about the financing of the project, said that funding will be in the form of debt and equity with Government providing a minority share of the funding.He told the officials that the majority of the private debt financing will come from Republic Bank which will be providing some US$27M.This publication later learnt that Republic Bank had only been approached to prepare an investor friendly package to attract investors to the project and it was not that the Bank was putting the money directly into the project.The finalisation of the financing arrangement is expected before the actual start of construction. |
