US$20M ‘Marriott Courtyard’ to employ over 300

MAJOR infrastructural projects, particularly those related to the hospitality sector, have, in most cases, been limited to the City over the past years, but R. Bassoo and Sons Limited has partnered with the world-renowned Marriott Hotels International to construct a US$20M (G$4.3B) hotel next to the Cheddi Jagan International Airport (CJIA). According to information shared with the Guyana Chronicle, the Guyanese-owned R. Bassoo and Sons Limited has already entered into an agreement with Marriott Hotels International and the Government of Guyana to design and build a facility called the Marriott Courtyard next to the country’s largest airport. 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.”

Bassoo and Sons capitalised on this opportunity by submitted a proposal to the government which included a joint Letter of Intent (LoI) with Marriott; a market study conducted by Hotel Valuation Services (HVS); and a conceptual design done by Urbahn Architects (New York’s 2019 Design Firm of the Year). The company, in a statement, said Republic Bank, Trinidad and Tobago, has already made an indicative offer of financing. Republic Bank has arranged over US$100 million financing for other real estate projects in Guyana including Movietowne, the Pegasus Corporate Offices and Suites and the Georgetown Marriott hotel.

The Marriott Courtyard at the CJIA will be the second Marriott hotel brand in Guyana and is anticipated to be open by 2023. The facility will be six storeys equipped with 140 rooms and amenities. The hotel will be a one-minute drive from the entrance of the CJIA and is expected to accommodate airline crews and staff, business personnel, diplomats, and other travellers. Chief Executive Officer (CEO) of CJIA, Ramesh Ghir, has said that the hotel will not only benefit the airport and its stakeholders, but will create employment opportunities for over 300 persons living along the upper East Bank/Timehri area.

WORK BEGINS NEXT YEAR
Construction is expected to begin in mid-2021 and will be led by Bassoo Building and Civil Engineering Contractors with support from qualified sub-contractors with technical experience in hotel construction. A Memorandum of Understanding for this project was signed by the owner of R. Bassoo and Sons, Roy Bassoo and Chief Executive Officer (CEO) of the Guyana Office for Investment, Dr. Peter Ramsaroop. The company has been a key player in Guyana’s commercial, educational, and healthcare sectors for over 20 years, participating in the construction of bridges, hospitals, secondary and primary schools, university facilities, gas stations and warehouses. R. Bassoo & Sons Limited has maintained a presence at the CJIA with The Lotus Restaurant, which it has operated for more than 20 years.

Bassoo believes that recent discoveries of oil and gas reserves by Exxon Mobil have renewed interest in local investment opportunities.
He predicted that the anticipated economic growth following petroleum exploration and mining, and government-led initiatives in housing and agriculture will likely increase the number of travellers to and from Guyana. A partnership with Marriott to build a hotel will, therefore, successfully expand the company’s portfolio into the hospitality sector.

It was reported that close to US$1 billion (G$215B) will soon be injected into Guyana’s economy in the form of world-class hotels which will be constructed across the country to cater for the anticipated increase in visitors, who are being attracted by the nation’s burgeoning oil and gas sector and its spill-off benefits. 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.

According to a study by Oxford Economics, hotel operations and guest spending, support eight million jobs across the US 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.