– investments worth billions of Guyana dollars

By Navendra Seoraj
INDIGENOUS companies are responding to the call for new and modern infrastructure to supplement growth in other sectors within the local economy, with Palm Court and King’s Guyana joining a plethora of foreign stakeholders who are investing in mega accommodation facilities, locally.

Major oil finds, offshore Guyana, have sparked the interest of not just stakeholders in the energy sector, but hoteliers who are anticipating an increase in arrivals to this new petroleum State, which sits on the edge of South America and has a population of close to 800,000 people.

A business-friendly climate, supplemented by the anticipated economic ascension, is being credited for the attraction of major players in the hotel industry such as Sheraton, The Element, Delta Marriott, Best Western Hotels and Resorts, the H-Tower Luxury Hotel, the Hyatt Hotels Corporation, the Radisson Hotels, and the Hilton Hotels and Resorts, among others.
Those companies have responded to the government’s advertisement for expressions of interest and requests for proposals for investors to build hotels in Guyana. The aim, as outlined by the President, Dr. Irfaan Ali, is to provide at least 2,000 first-class rooms, making Guyana “a conventional destination”.

With a vision of contributing equally to the achievement of this national goal, Palm Court will soon be constructing a US$54 million (G$11B) mega Palm Court International Hotel on the outskirts of Georgetown, while King’s Guyana will be constructing a new US$10 million (G$2B) King’s Hotel.

Both proprietors were given the “green light” to initiate their projects following the signing of separate Memoranda of Understanding (MoU) with Chief Executive Officer (CEO) of the Guyana Office for Investment (Go-Invest), Dr. Peter Ramsaroop, on Tuesday.

Proprietors of the “Original Palm,” Ravin Prashad and Navin Prashad, in their investment proposal, said the Palm Court International Hotel will be eight storeys high with four sections, spanning seven acres of land.

The massive compound will cater for adequate parking with about 120 lots, while the actual facility will have 150 soundproof rooms, two dining facilities, and an executive bar, gym, swimming pool, sauna, casino and conference hall.
JOBS

This mega hotel is anticipated to create over 280 jobs and fulfil the needs of the growing number of persons supporting the oil and gas industry, international investors, visitors and nature-driven tourists.

Another 145 jobs will be created through the construction of the new King’s Hotel, which, according to the investors, will create 120 direct jobs and 25 indirect employment opportunities.
The new King’s Hotel will be affiliated to the existing King’s Hotel and Residences and the Bistro Café and bar.

The new King’s Hotel and Residences, as it is called, will have 40 rooms, two bars and an open-floor for public entertainment.
Services and product lines to be provided are accommodation, restaurants, bar services, luxury chauffeur car services, a conference area, gym, and luxury retail shops.

The land for the construction of this facility has already been acquired at Quamina and Waterloo Streets, South Cummingsburg, where the iconic Water Chris Hotel once stood.
“We have made this proposal with the intention of continuing and maintaining a high standard… we are noted for our superior quality of service, so we are certain that we can compete with the international stakeholders,” said owner of King’s Guyana, Looknauth Persaud, in an invited comment, on Tuesday.

These potential investments are seen as timely because Guyana is expected to ‘boom’ with its new-found oil wealth, which is expected to drive infrastructural development and other sectoral advancements.

According to a study by Oxford Economics, hotel operations and guest spending support eight million jobs across the U.S. alone. The same study found that a typical hotel with 100 occupied rooms per night supports 230 local jobs every year.

And the nation’s hotel and lodging industry brings other important benefits to local communities. These businesses are a cornerstone for local economic activity, providing increased tax revenue, capital investment, tourism-related development and promotion, civic leadership, charitable contributions and sponsorship.
These benefits are also expected to accrue to Guyana, as the country continues to function as an investment magnet.