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Marriot Hotel financing sealed

Screen shot 2014-05-27 at 8.47.16 PMWe turn now to the controversial Marriot Hotel project. Over the weekend, the Ministry of Finance said it had sealed the deal with a Hong Kong based investor and other debt financing with Republic Bank. Today, the General Secretary of the PPP sought to trump up the announcement but had little to go on…

Atlantic Hotels Incorporated, the Special Company created by the government to set up the Marriot Hotel just off the Kingston seashore, on Saturday announced that it had completed financial arrangements with Republic Bank to finance the project to the tune of US$27 million – that’s all debt financing.

The money is for the construction of the Marriott operated hotel and the shell of an Entertainment Complex.

The companies also disclosed that British Virgin Island (BVI) registered, ACE Square Investments Limited is the private investor.

The private investor is putting in US$8 million in the project and would acquire 67% of the equity and so the company would have controlling interest of the hotel.

Two Hong Kong based businessmen are the owners of Ace Square.

The General Secretary of the PPP Mr Clement Rohee sought to trump up the weekend press release as evidence of the government’s transparency, and suggested that no one was against the project except the opposition and the media, especially the Kaieteur News.

He said the private sector was completely on board with the project, but when referred to the fact that Georgetown’s main businessmen had said the project was the least needed in the country and that the funds should be invested elsewhere, this was Rohee’s response:

The government, through its investment arm NICIL is slated to put US$19.5 million in the project, but Rohee could not say how much has been put so far.

Rohee also did not know about the feasibility study which was released.

The PPP General Secretary while unable to give clear answers to any questions on a matter that he gave a statement on, decided to swing things and say that the questions being asked of him were designed to embarrass the government.

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