Got TIPS or BREAKING NEWS? Please call + 1 284 346-6397 or 393-6397 or 1-284-494-1338-office; ads call 440-6666

BVI-based company offering to buy Marriott building in Guyana -Ramjattan

-gov’t still seeking $$, investors to finish project
Alliance for Change Member of Parliament Khemraj Ramjattan. Photo: Internet source
Stabroek News

With Government finding it difficult to attract the investors and syndicated loans to complete the controversial US$52 million Marriott Hotel project, a British Virgin Islands-incorporated investor has offered to purchase the superstructure with a view to finishing it, Stabroek News has learnt.

However, while Government might be willing to relinquish and sell the edifice, this newspaper understands that it is demanding a lot more than the $2 billion the investor is willing to pay – this amount representing what Government has already spent in the construction of the structure,scheduled for completion in August 2014.

Government through the National Industrial and Commercial Investments Limited (NICIL) paid to Atlantic Hotel Inc. (AHI), a special purpose company, the sum of $2 billion, which represented some 20% of the construction cost for the hotel.

“They (Government) are not finding the syndicated lenders and the investors with the money to complete the hotel. Government is said to be preparing to sell what it has. The money has been used up and the contractor is stalling now,” said Alliance for Change Member of Parliament Khemraj Ramjattan.

“The [BVI] investors are saying if you spent US10 million on it sell it to us for that amount and we will fix it,” said Ramjattan.

Attempts yesterday to reach Executive Director of NICIL and Chief Executive Officer of AHI Winston Brassington for a comment on the future of the Marriott proved futile. However, in speaking with this newspaper last weekend, Brassington was reluctant to release any details on the investors into the project or what progress was being made. He cited the issue of confidentiality for his reticence.

In recent weeks, work on what was supposed to be the Marriott-managed hotel in Kingston seems to have slowed down significantly.

AHI was incorporated on September 10, 2009 as a public private partnership to engage in development of the hospitality sector, including the construction, ownership and operation of a five-star international hotel.

Overall, government will provide 1/3 of the project funding with the balance in subordinate loan stock. Republic Bank will provide US$27 million of senior debt to the project. Collectively, the total common equity of AHI will amount to US$12 million and the government via NICIL will be a minority partner owning 33% of AHI’s equity, amounting to US$4 million.

Observers have criticised the proposals made in terms of the cost of construction and the financing arrangement inclusive of senior debt and syndicated loans to some of the investors. There is concern that should there be a failure of the project, there will be differentiated prioritising of categories of investors in terms of recouping what they invested.

In a motion put to the National Assembly in November 2012, Ramjattan had moved to stop unapproved public funding for the Marriott Hotel by NICIL and AHI that has not received the authorisation or approval of the National Assembly.

In the motion, Ramjattan had said that “an illegal course” is being taken by NICIL and its directors and officers, which is being aided and abetted by the government.

Ramjattan also contended in the motion that the government is using NICIL as an instrument to unlawfully acquire and then lease public lands and to spend billions in public funds while evading the authorisation of the National Assembly.

10 Responses to “BVI-based company offering to buy Marriott building in Guyana -Ramjattan”

  • Marquez (13/09/2013, 15:56) Like (0) Dislike (0) Reply
    We have direct and efficient providers of Bank Guarantee (BG’s), Insurance Guarantees, MTN, Confirmable Bank Drafts, Standby Letters of Credit (SBLC) and Third Party Guarantees. If you are a potential Investor or principal looking to raise capital, we will be happy to answer any questions that you have about this opportunity and to provide you with details regarding these services.
    Our BG/SBLC Financing can help you get your project funded, by providing you with yearly renewable leased bank instruments. We work directly with the providers of these instruments. Leased Instruments can be obtained at minimal costs to lessor compared to other banking finance options. This offer is open to both individuals and corporate bodies.
    If you have need for Corporate loans, International project funding, etc. or if you have a client that requires funding for his project or business, We are also affiliated with lenders who specialize on funding against financial instruments, such as BG, SBLC, POF or MTN, we fund 100% of the face value of the financial instrument.
    Inquiries from agents/ brokers/ intermediaries are also welcome.
    If you are interested in seeking to raise finance for your business/projects in this way, please contact me for more information.
    marquez.sanchez@hotmail.com or inversiafinancial@madrid.com
  • list (13/09/2013, 23:13) Like (0) Dislike (0) Reply
    hope France does not see this to keep us on he black list
  • GT (14/09/2013, 06:19) Like (1) Dislike (56) Reply
    R u people serious let the bvi lander come we will give them back a piece of there pie
  • VIPIN CHOPRA (21/10/2013, 20:29) Like (0) Dislike (0) Reply
    Dear Sir/Ma,

    Bank Guarantees (BGs) and Standby Letter of Credit (SBLCs) Legitimately Delivered via
    Swift System from a Genuinely Certified and Recommended Provider.

    Legitimate offer of FC and SS Bank Guarantee (BG) and Standby Letter of Credit (SBLC)
    alongside a number of other Bank Instruments specifically for Lease with the option of
    sale optionally available from a certified financial group. We deliver cautios of the time
    line required for the completion of transactions and other intermediaries are welcome
    to deal. Other financial instruments such as MTN, CD, DLC, PB are also available.

    Kindly contact me for serious enquiries via email or on Skype.

    Email Address: vcbroker.lease@gmail.com
    Skype: vcbroker.lease
  • Marqyez Sanchez (06/11/2013, 07:59) Like (0) Dislike (0) Reply
    We have direct and efficient providers of Bank Guarantee (BG’s), Insurance Guarantees, MTN, Confirmable Bank Drafts, Standby Letters of Credit (SBLC) and Third Party Guarantees. If you are a potential Investor or principal looking to raise capital, we will be happy to answer any questions that you have about this opportunity and to provide you with details regarding these services.
    Our BG/SBLC Financing can help you get your project funded, by providing you with yearly renewable leased bank instruments. We work directly with the providers of these instruments. Leased Instruments can be obtained at minimal costs to lessor compared to other banking finance options. This offer is open to both individuals and corporate bodies.
    If you have need for Corporate loans, International project funding, etc. or if you have a client that requires funding for his project or business, We are also affiliated with lenders who specialize on funding against financial instruments, such as BG, SBLC, POF or MTN, we fund 100% of the face value of the financial instrument.
    Inquiries from agents/ brokers/ intermediaries are also welcome.
    If you are interested in seeking to raise finance for your business/projects in this way, please contact me for more information.
    marquez.sanchez@hotmail.com or inversiafinancial@madrid.com
  • Wolf Gang (31/03/2015, 11:55) Like (0) Dislike (0) Reply
    Dear, Sir/Ma.

    We offer Legitimately FC and SS Bank Guarantee (BG) and Standby Letter of Credit (SBLC)
    alongside a number of other Bank Instruments specifically for Lease with the option of sale optionally available from a certified financial group.

    We deliver cautios of the time line required for the completion of transactions and
    other intermediaries are welcome to deal.

    Other financial instruments such as MTN, CD, DLC, PB are also available.

    Kindly contact me for serious enquiries via email or on Skype.

    Email: wolftat.leasebroker@gmail.com
    Skype: wolftat.leasebroker

    Intermediaries/Consultants/Brokers are welcome to bring their clients are 100% protected. In complete confidence, we will work together for the benefits of all parties involved.

  • alexey (26/05/2015, 15:57) Like (0) Dislike (0) Reply
    Dear Sir/Ma,

    We have direct providers of Fresh Cut BG, SBLC and MTN which are
    specifically for lease. Our bank instrument can be engaged in PPP Trading,
    Discounting, Signature Project(s) such as Aviation, Agriculture, Petroleum,
    Telecommunication, Construction of Dams, Bridges, Real Estate and all kind
    of projects. We do not have any broker chain in our offer neither do we get
    involved in chauffer driven offers. We deliver with time and precision as
    set forth in our agreement. Our terms and Conditions are reasonable, below
    is our instrument description.

    DESCRIPTION OF INSTRUMENTS:
    1. Instrument: Bank Guarantee (BG/SBLC)
    2. Total Face Value: Min of 1M Euro/USD (One Million Euro/USD) to Max of 5B
    Euro/USD (Five Billion Euro/USD).
    3. Issuing Bank: HSBC, London or Deutsche Bank Frankfurt or any Top 25 WEB
    4. Age: One Year, One Day
    5. Leasing Price: 3.0% of Face Value plus (0.5+X)% commission fees to brokers.
    6. Delivery: Bank to Bank SWIFT.
    7. Payment: MT-103.
    8. Hard Copy: Bonded Courier within 7 banking days.

    All relevant business information will be provided upon request.

    If Interested kindly contact me via Email: (sussane.terry@gmail.com,draftinstruments@gmail.com)
    Skype ID: alexey.lapshin2
  • Marky (13/08/2015, 23:42) Like (0) Dislike (0) Reply
    To All Beneficiaries,
    We have direct providers of bank instruments which are specifically for lease .We are leaders in the finance industry with track records in closing deals on financial services as related to Loans, Sourcing of funds via Monetizers(Discounting of Bank Instruments), Lease/Sale of Financial Instruments (Fresh Cut BG/SBLC/MTN/Bank Draft/LC),Project Funding, and a lot more for intending investors. We also work with brokers that have serious clients whom are ready to close transactions quickly. Brokers/Financial Consultants commissions are protected and 100% guaranteed.Serious clients should contact via below contact to work out modalities for successful delivery.

    Thank you.
    Admin
    Email:newclearcut_provider@aol.com
  • Tina (12/01/2016, 02:42) Like (0) Dislike (0) Reply
    People usually say about web design vs web development.
    yarh..you're right...we have much difference between these term. Thanks for informative share!
    IVR Application
  • age of war (03/06/2016, 01:51) Like (0) Dislike (0) Reply
    This is the best application on the drop today. There access to enjoy great moments of relaxation: age of war 2|
    age of war 5
    Great! Thanks for sharing the information.Summon creatures to fight enemy units and demolish the opposing castle. Your castle is equipped with a crossbow, which you can use to shoot enemies age of war 6
    . Make sure you upgrade skills to increase your chances of winning battles.
    The goal of Age of War is to survive longer than the computer and to outlast him you’ll need to train the right troops while balancing your offence and defence in this high paced, quick thinking flash game age of war 4
    . Train troops of you own to combat the computers. As you kill off the computer troops, you will gain EXP and you will eventually advance to the next age.
    Choose a starter deck and prepare for an epic war!age of war 3

    Command your units in each battle to attack the enemy’s castle, while protecting your own base earn to die 2
    . Earn and upgrade cards to help you conquer the land.age of war

    happy wheels | tank trouble
    Thanks for the best blog.it was very useful for me.keep sharing such ideas in the future as well.this was actually what i was looking for,and i am glad to came here!
    cubefield It contains a plethora of tools and objects for level building such as harpoon guns,blocks and vans. Users can upload their maps to a public server where they are accessible


Create a comment


Create a comment

Disclaimer: Virgin Islands News Online (VINO) welcomes your thoughts, feedback, views, bloggs and opinions. However, by posting a blogg you are agreeing to post comments or bloggs that are relevant to the topic, and that are not defamatory, liable, obscene, racist, abusive, sexist, anti-Semitic, threatening, hateful or an invasion of privacy. Violators may be excluded permanently from making contributions. Please view our declaimer above this article. We thank you in advance for complying with VINO's policy.


Weather


Follow Us On

Disclaimer: All comments posted on Virgin Islands News Online (VINO) are the sole views and opinions of the commentators and or bloggers and do not in anyway represent the views and opinions of the Board of Directors, Management and Staff of Virgin Islands News Online and its parent company.