Arimu Investments to build $3B hotel in ‘heart’ of GT

ANOTHER local company, Arimu Investments, is looking to make its mark in the burgeoning hotel industry with the construction of a $3 billion world-class hotel, in the heart of Georgetown.

The indigenous company, which owns the Innovations America store and has a stake in gold mining and real estate, will be looking to expand its horizons with the construction of an over 100-bedroom Sure Stay Plus Hotel, a franchise of the world-renowned Best Western Hotels and Resorts.
The Guyana Chronicle was informed that a Memorandum of Understanding (MoU) for the construction of the potential eight-storey facility was signed recently by the investors and Chief

Executive Officer (CEO) of the Guyana Office for Investment (Go-Invest), Dr. Peter Ramsaroop.
This newspaper understand that the facility, once completed, will be the first franchised hotel in the centre of the City.
The hotel will span eight storeys and feature over 100 bedrooms, dining and restaurant facilities, an executive bar and lounge, gym, a conference hall, and an executive taxi service and valet parking.

A total of 150 jobs will be created during the construction phase and 50 direct jobs after its completion. The project will begin in the first quarter of 2021.
Arimu Investments is joining a plethora of foreign stakeholders who are investing heavily in accommodation facilities.

The government had recently put out an 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”.

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 the 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, Palm Court International Hotel and King’s Hotel and Residences, among others.

These potential investments are seen as timely, because Guyana, which sits on the edge of South America and has a population of about 750,000 people, 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.

INVESTMENT MAGNET
These benefits are also expected to accrue to Guyana, as the country continues to function as an investment magnet.
Hoteliers, agro processors, key players in the global energy sector and many other investors are either already in Guyana or are interested in penetrating the country’s growing economy– which has a Gross Domestic Product (GDP) of about US$4 billion.

And, outside of the overarching development, the lucrative oil and gas sector, which officially came on stream in 2015, has been productive, but there has been no regulatory/legal framework in place to guide the utilisation of local content in the sector.

There is, however, a high level of confidence that this will no longer be the case, as the Minister of Natural Resources, Vickram Bharrat, has said that President Ali will receive a draft Local Content Policy this week.

The government, in September, had established an advisory panel on local content. The panel was tasked with undertaking a review of all existing initiatives and policies relating to local content in the petroleum sector and to provide guidance for the development of Guyana’s Local Content Policy and Legislation.
The panel comprises Shyam Nokta (chair), Carl Greenidge, Anthony Paul, Kevin Ramnarine, Carvil Duncan and Floyd Haynes.
The team handed over its report to the Minister of Natural Resources, Vickram Bharrat, on Tuesday.
The policy, once ratified, will pave the way for an inclusive environment, amidst increasing foreign investment and interest in Guyana.
President Ali has said already that progress is expected on all fronts in 2021, which has since been designated as the Year of Investments and Development.
“What you will see next year is a flurry of development; there will be active work on the new Demerara Harbour Bridge, the new four-lane road, new hotels, and the creation of 50,000 homes,” said the President.
He said work will commence on the construction and rehabilitation of roads in hundreds of communities; new infrastructure will be created, and there will be major developments in every sector.