US$100m Pegasus investment set for take-off
The US$100m ($20b) Pegasus Suites & Corporate Centre in Kingston is set to commence preparatory works for the foundation and land filling.
A release from proprietor Robert Badal said that the project, adjacent to the iconic Pegasus Hotel, represents the largest local private sector investment ever to be undertaken here.
The project comprises two towers: a twelve storey tower providing luxury accommodation and a connecting seven-storey corporate centre providing office and conference facilities with restaurants, a gym and a spa.
The release said that the investment brings a new model of business tourism complementing the current hotel and entertainment facilities at Pegasus Hotel.
“Companies doing business in Guyana would now able to have Grade A offices and accommodation on the same location. Many expat companies that have their offices in Trinidad and beyond who are developing businesses in Guyana would now find it more competitive to move some of their administration and other activities to Georgetown bringing significant employment. Office presence brings additional long term accommodation with spinoffs for the Pegasus Hotel, its bars, restaurants and entertainment facilities”, the release said.
It is clear that the investment is aiming to tap the high business traffic that will be associated with oil production in 2020 and further exploration activities offshore.
The release asserted that the project brings significant economic benefits to the Guyanese economy in terms of sustainable employment, taxes (income, corporate and VAT), foreign exchange earnings and the multiplier effects that private sector investments bring. It said that in the first year of operation the project would contribute in excess of $200M in VAT to the national coffers.
During the construction phase, employment of 300 persons, 60% local, plus the effects on local businesses and sub-contractors, truck drivers, suppliers of stone, sand, steel, wood and concrete would significantly impact the growth of the economy, the release added.