Several days after six bidders submitted their proposal for the acquisition of the Marriott Hotel, which is owned by the Government of Guyana, Vice President Bharrat Jagdeo on Thursday announced that the “bids are too low” and added that the government will not proceed with the sale of the hotel until the bid reflects the true value of the hotel.
The United States Securities and Exchange Commission (SEC) back in 2010 had barred American businessman, Ramy El-Batrawi– the top bidder for the “profitable” Guyana Marriott Hotel – from acting as an officer or director of a public company for a period of five years.
The bids for the local Marriott Hotel are in, and they shed light. The six bids ranged from a high of US$65 million to a low of US$25 million, with several local entities among those indicating their interest. Among the bidders, local businessman Robert Badal came in with the second highest bid of US$55.5 million. In the context of Guyana, and the prospective purchase a hotel valued at US$60 million, this says plenty.
Local businessman and owner of the Pegasus Hotel, Robert Badal, is one of six vying for the acquisition of the “profitable” Marriott Hotel located in Kingston Georgetown and is the second highest bidder with a proposal of US$55.5 million.