– says in no rush to conclude agreement – PPP GS
The Government of Guyana may move to reassess bids for the sale of the lucrative Guyana Marriot Hotel or may have to once again seek request for proposals (RFPs), following the unfortunate death of American businessman Ramy El-Batrawi, whose bid was the highest.
General Secretary of the Peoples Progressive Party (PPP), Dr Bharrat Jagdeo made the disclosure as he engaged reporters at a party press conference on Thursday.
According to Dr Jagdeo, the government is also exploring the possibility of engaging the second highest bidder.
“The government may decide to go back out [to bid] or just keep the hotel, there’s no rush to conclude anything here because we’re not desperate to sell it,” Dr Jagdeo told reporters.
Reports have shown that El-Batrawi’s company X LLC, submitted a US$90 million bid for the profitable hotel while iNtegrated Group Guyana Inc submitted the second highest bid at US$86.1 million.
He further explained that if the bid is not deemed valid, then the government may keep the hotel instead of selling it.
“Because bids have a validity period,” the general pointed out.
The National Industrial & Commercial Investments Limited (NICIL) received a total of six bids from various companies initially, after issuing a prequalification notice and invitations for bids from interested individuals or companies.
During the bidding process then, El-Batrawi submitted the highest bid of US$65 million for the hotel property. The second highest bid, amounting to US$55.5 million, was submitted by Robert Badal, a local businessman who owns the Pegasus Hotel.
However, the government rejected all offers as they believed the hotel was worth even more than the highest bid submitted.
The construction of the Marriott Hotel started in 2011 and sparked widespread controversy and faced heavy criticism; however, the hotel has proved to be one of the most profitable hotels in the world.
It was commissioned in April 2015 and remains 100 per cent owned by the government, constructed with a US$17.3 million loan from Republic Bank, which was later restructured.