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Guyana Government claims it has secured key investors needed to fund the Marriott Hotel project – 28th Feb 2013

marriottThe Government is now claiming that it has secured key investors needed to fund the Marriott Hotel project, but remains silent on the details of such a claim.

Government’s Spokesman, Dr. Roger Luncheon said that the financial commitments towards the project have not yet achieved the one hundred percent mark. In defence, he said there is a gap of eight million dollars and the Government is finding it hard to get investors.

According to Luncheon, he believes because of the negative reporting by some sections of the media and others it has put the administration in a difficult spot.

The Government has so far, been pouring tax payers’ money into the Marriott Hotel project, which could end up costing more than US52 million dollars.

When construction is completed,Queens Atlantic Investment Inc., the group headed by Winston Brassington, is expected to manage the hotel. The financing structure for the hotel locks in private investors for a return of their dollars, but taxpayers’ money risk being washed away if the contentious project fails.

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