Eight expressions of interest received for Guyana Marriott Hotel – AHI

Eight expressions of interest were received for the purchase of the state’s shares in the Guyana Marriott Hotel and five of the entities have since taken the process a step further.

This information was disclosed following questions by Stabroek News to Atlantic Hotel Inc (AHI) which was incorporated on 10th September, 2009, as a special purpose company to construct and manage the establishment. State holding company, the National Industrial and Commercial Investments Limited (NICIL) is the sole shareholder in AHI. Last year, NICIL issued a ‘Pre-qualification Notice’ seeking Expressions of Interest (EOIs) from persons or companies, individually or as part of a joint venture/ consortium, with an interest in purchasing its shares in AHI for the acquisition of the Guyana Marriott Hotel (GMH). AHI said that the notice was published in three daily newspapers (Stabroek News, Chronicle, and Kaieteur News) over the period 13th December, 2022 to 10th January, 2023.

The closing date for EOIs was 10th January, 2023 at 2:00 pm. Applications for pre-qualification were to include the following: financial capability in terms of net worth, audited financial statements for the last three financial years, net worth of a minimum of US$250m and a letter of financial capability from a recognised financial institution to acquire NICIL’s shares in AHI for the Guyana Marriott Hotel.

AHI said “Eight (8) expressions of interest applications were received from diverse companies and consortiums locally, regionally, and internationally”. No names were provided of the eight that expressed interest.

AHI added that all eight applicants were written to and invited to submit a bid by paying a fee to purchase an information package which consisted of unaudited financial statements, agreements, architectural plans, and other pertinent information on AHI.

To date, it said that five of the eight applicants have paid for and uplifted information packages. The deadline for submission of bids is 17th April 2023. AHI did not identify the five companies.

The hotel was controversially built with state and other funds and had been unable to service a key loan which the government had to take over. The hotel had its origins under the last Jagdeo administration.