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The Government of Guyana is presently servicing the loan owed by Atlantic Holdings Incorporated (AHI) to Republic Bank Limited (RBL) of Trinidad for the construction of the Marriott Hotel.

Minister of Finance Winston Jordan told reporters yesterday that neither AHI nor its loan guarantor, National Industrial and Commercial Investments Limited (NICIL) can afford to service the US$15.25 million loan accessed for the construction of the hotel, which has forced government to absorb the biannual US$1.1 million in non-budgetary expenditure.

It has been reported before that Marriott is just able to cover its operating cost but is not earning enough to service the loan.

Winston Jordan

According to Jordan, the government currently owes US$748,000 for this period and unless AHI is able to assume the debt, it will continue to pay US$1.1 million every six months for the next 13 years.

“Even if it does well, it would not be able to pay its debt. Remember it is the entertainment part that is going make it …that is not being done so for the time being now unless we just say ‘take the asset’, it is the government which has to come in now.

That is an unbudgeted expense, where are we going to find the money? We have to find the money otherwise we lose the asset,” the minister explained.

The 197-room Marriott hotel was constructed at a cost US$58 million. The majority of this was state funds but a total of US$15.25 million was received from Republic Bank Ltd as part of the US$27 million debt financing for it.

A 2015 forensic audit of the hotel had urged government to “proceed with haste” to sell the Marriott Hotel in light of uncertainty about the financial viability of its operations and rising costs that could take the final price tag for the project to at least US$98 million.

The audit conducted by former Auditor-General Anand Goolsarran had noted that there is a “serious risk” of default in relation to the Republic Bank loan used for construction.

In the report, Goolsarran explained that the loan is secured by “debenture and mortgages.” He declared that these conditions have serious implications should AHI default in payment. The loan is repayable at rates of 9.15% and 8.65% during construction and post-construction phases, respectively, via 26 equal, blended, semi-annual payments of principal and interest. However, there is an 18-month moratorium on interest and a 24-month moratorium on principal from the date of first disbursement.

The report had also said that given the statement by Executive Director of NICIL Winston Brassington in relation to the absence of market intelligence on the operations of casinos, it is advisable not to proceed with the construction and outfitting of the Entertainment Complex estimated to cost US$12 million.

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The pnc/afc and all their fellow apologists need to own this. They keep making excuses for their incompetency and send out their paid blogging agents to spread propaganda.  Now they trying to take their shyte and daub it in PPP ass. 

FM

You have hotels with empty rooms, why don't they spend money to attract tourists, there is a tourist Minister Cathy Hughes doing shit all. That money would have been better spent to help the sugar workers, they are Guyanese, is saving jobs.  Sell the hotel instead of the sugar factories.

K
kp posted:

You have hotels with empty rooms, why don't they spend money to attract tourists, there is a tourist Minister Cathy Hughes doing shit all. That money would have been better spent to help the sugar workers, they are Guyanese, is saving jobs.  Sell the hotel instead of the sugar factories.

That's right. Spend the money to rid the parasites off the streets so that foreigners will not be afraid to visit Guyana. Crime might be the #1 reason Guyana is not attracting tourists. Cathy Hughes is only collecting a salary.

FM

On the campaign trail in May 2015, the PNC Team said they would sell this hotel. Why are they not selling it?  Why are they paying this bill?

These cockroaches want to live up and spend nuff money a fruck nuff o'man in the hotel on taxpayer's dollars.

Shame on these bitches.

FM
KishanB posted:

On the campaign trail in May 2015, the PNC Team said they would sell this hotel. Why are they not selling it?  Why are they paying this bill?

These cockroaches want to live up and spend nuff money a fruck nuff o'man in the hotel on taxpayer's dollars.

Shame on these bitches.

Kishan is on fire these days. It will get worse as these AFC/PNC scums run the economy into the ground. They are clueless and consists of a bunch of liars and conmen.

FM
kp posted:

You have hotels with empty rooms, why don't they spend money to attract tourists, there is a tourist Minister Cathy Hughes doing shit all. That money would have been better spent to help the sugar workers, they are Guyanese, is saving jobs.  Sell the hotel instead of the sugar factories.

They are all clueless.

FM
kp posted:

You have hotels with empty rooms, why don't they spend money to attract tourists, there is a tourist Minister Cathy Hughes doing shit all. That money would have been better spent to help the sugar workers, they are Guyanese, is saving jobs.  Sell the hotel instead of the sugar factories.

The PPP said the hotel sells itself despite warnings that it was not feasible. This regime should dump it quickly. The building is still close to a third unfinished and it looses close to 64K a month. I would advise they sell it as fast as they can. 

FM
kp posted:

You have hotels with empty rooms, why don't they spend money to attract tourists,.

Why didn't the PPP who built it?  In fact Guyana has higher arrivals now than it did under the PPP.

FM
KishanB posted:

On the campaign trail in May 2015, the PNC Team said they would sell this hotel. Why are they not selling it?

No buyers. Who will buy a hotel in G/T when many rooms are empty and have been empty since Jagdeo screamed that people should build hotels.

Where were the thousands of tourists who were to flock to Guyana when Buddy's (now Princess) was built?

FM
caribny posted:
KishanB posted:

On the campaign trail in May 2015, the PNC Team said they would sell this hotel. Why are they not selling it?

 

Where were the thousands of tourists who were to flock to Guyana when Buddy's (now Princess) was built?

They are scared to be raped, looted and robbed under an Afro led clueless and crime haven Guyana.

Who would want to visit Guyana with a Dog Shyte administration in place ?

They cannot even run a cake shop, how can they run a country ?

FM
Last edited by Former Member

First of all, in my opinion there was no need to build that hotel. There are plenty of local hotels who have and had healthy competition among themselves. Unfortunately it's already there. Second, the government should have insisted that a significant portion of the labor force be local AND the food sourced locally. The Chinese were bringing in containers of VEGETABLES to feed their workers.

GTAngler
D2 posted:
kp posted:

You have hotels with empty rooms, why don't they spend money to attract tourists, there is a tourist Minister Cathy Hughes doing shit all. That money would have been better spent to help the sugar workers, they are Guyanese, is saving jobs.  Sell the hotel instead of the sugar factories.

The PPP said the hotel sells itself despite warnings that it was not feasible. This regime should dump it quickly. The building is still close to a third unfinished and it looses close to 64K a month. I would advise they sell it as fast as they can. 

I suggest they sell it on credit to Glen Lall and Tony Yassin.  

Billy Ram Balgobin
GTAngler posted:

First of all, in my opinion there was no need to build that hotel. There are plenty of local hotels who have and had healthy competition among themselves. Unfortunately it's already there. Second, the government should have insisted that a significant portion of the labor force be local AND the food sourced locally. The Chinese were bringing in containers of VEGETABLES to feed their workers.

You all think small and fail big. That's not the Jagdeo way. 

Billy Ram Balgobin
yuji22 posted:
caribny posted:
KishanB posted:

On the campaign trail in May 2015, the PNC Team said they would sell this hotel. Why are they not selling it?

 

Where were the thousands of tourists who were to flock to Guyana when Buddy's (now Princess) was built?

They are scared to be raped, looted and robbed under an Afro led clueless and crime haven Guyana.

Who would want to visit Guyana with a Dog Shyte administration in place ?

They cannot even run a cake shop, how can they run a country ?

Visitor arrivals for 2016 and 2015 were HIGHER than they were during the PPP era.

Apparently the incompetence of the PPP and their inability to ensure safety kept tourists away.

FM
Billy Ram Balgobin posted:
 

You all think small and fail big. That's not the Jagdeo way. 

Jagdeo thinks big and fails MASSIVELY. Note the Skeldon factory and all of his projects. What happened to that Buddy's hotel that was going to turn Guyana into Las Vegas?

FM
yuji22 posted:
caribny posted:
KishanB posted:

On the campaign trail in May 2015, the PNC Team said they would sell this hotel. Why are they not selling it?

 

Where were the thousands of tourists who were to flock to Guyana when Buddy's (now Princess) was built?

They are scared to be raped, looted and robbed under an Afro led clueless and crime haven Guyana.

Who would want to visit Guyana with a Dog Shyte administration in place ?

They cannot even run a cake shop, how can they run a country ?

Like a few others here who are Jagdeo's apologists your vocabulary is limited to a few words...what a pity. There is nothing to discuss when you idiots say the same shit in every post. 

Whether the discussion is on Crime, Corruption, Suicide prevention, A brave soul starting up a business..the same words are mentioned.."cake shop" being one. Is that the limit of your vocabulary?

cain
cain posted:
yuji22 posted:
 

They cannot even run a cake shop, how can they run a country ?

Like a few others here who are Jagdeo's apologists your vocabulary is limited to a few words...what a pity. There is nothing to discuss when you idiots say the same shit in every post. 

Whether the discussion is on Crime, Corruption, Suicide prevention, A brave soul starting up a business..the same words are mentioned.."cake shop" being one. Is that the limit of your vocabulary?

The "cake shop' reference is just the Indo KKK boast that the PPP, being an Indian party, has better skills than do blacks.  They refuse to discuss Skeldon, Buddy's hotel, Marriott, the Berbice Bridge, the Amaila Fip Motilall scandal, Guysuco, the rice industry and numerous other instances of PPP incompetence.

And I will remind them that rice farmers protested against the PPP and on one occasion the protest leader was stripped naked. Thank God the man was not shot as would surely have happened were he a black man.

FM
caribny posted:
yuji22 posted:
caribny posted:
KishanB posted:

On the campaign trail in May 2015, the PNC Team said they would sell this hotel. Why are they not selling it?

 

Where were the thousands of tourists who were to flock to Guyana when Buddy's (now Princess) was built?

They are scared to be raped, looted and robbed under an Afro led clueless and crime haven Guyana.

Who would want to visit Guyana with a Dog Shyte administration in place ?

They cannot even run a cake shop, how can they run a country ?

Visitor arrivals for 2016 and 2015 were HIGHER than they were during the PPP era.

Apparently the incompetence of the PPP and their inability to ensure safety kept tourists away.

The numbers were inflated as the Brooklyn Gang showed up for the free fete.

They are now broke. Let us see the figures at the end of 2017.

FM
Last edited by Former Member
caribny posted:
Drugb posted:

The pnc/afc and all their fellow apologists need to own this.

I see that the PPP didn't build the Marriott hotel.

The pnc run the country into the ground and now they playing helpless. The projection for the Marriott to make a profit included the building of the entertainment center. However your pnc scum did not follow throught, instead they bragged how they would sell it. So for no sale on the horizon as your jackasses in power continue to rob the nations coffers and mismanage the country.

FM
Drugb posted:
caribny posted:
Drugb posted:

The pnc/afc and all their fellow apologists need to own this.

I see that the PPP didn't build the Marriott hotel.

The pnc run the country into the ground and now they playing helpless. The projection for the Marriott to make a profit included the building of the entertainment center. However your pnc scum did not follow throught, instead they bragged how they would sell it. So for no sale on the horizon as your jackasses in power continue to rob the nations coffers and mismanage the country.

PNC cannot even run a cake shop, how can they run a country ?

Their motto is: "Sport, fete, waste, thief and screw savings, the PPP will fill up the coffers for us once again." 

FM
Last edited by Former Member
caribny posted:
Billy Ram Balgobin posted:
 

You all think small and fail big. That's not the Jagdeo way. 

Jagdeo thinks big and fails MASSIVELY. Note the Skeldon factory and all of his projects. What happened to that Buddy's hotel that was going to turn Guyana into Las Vegas?

The Skeldon factory was not a bad idea.  It was supposed to lower cost of production and keep the industry profitable.  Unfortunately, technical problems with the factory handicapped the full use of the mill.  The Chinese did some screwed work.  It's a risk that the government . Once the problems are fixed the factory will be an asset to the industry as well as the nation. Don't write off Skeldon. 

Billy Ram Balgobin
Billy Ram Balgobin posted:
caribny posted:
Billy Ram Balgobin posted:
 

You all think small and fail big. That's not the Jagdeo way. 

Jagdeo thinks big and fails MASSIVELY. Note the Skeldon factory and all of his projects. What happened to that Buddy's hotel that was going to turn Guyana into Las Vegas?

The Skeldon factory was not a bad idea.  It was supposed to lower cost of production and keep the industry profitable.  Unfortunately, technical problems with the factory handicapped the full use of the mill.  The Chinese did some screwed work.  It's a risk that the government . Once the problems are fixed the factory will be an asset to the industry as well as the nation. Don't write off Skeldon. 

The fact has had some fifty million in rehab work and it still consistently fails. It was an incompetent leader maximizing his incompetency when the biggest decision was encountered.

The Indians came in lower and had experience building sugar factories. The Chinese had no such experience and this was going to be their first. The Jagdeo give it to the Chinese because they had the cash. It is a case of graft options meeting a kleptocrat.  They then accepted the factory with no

They proceeded to accept the factory without warranty. The Chinese simply walked away even though the failures began immediately. This plant is apparently too riddled with design flaws to rehabilitate. The old Albion factory needed 11 tons of cane to produce a ton of sugar and it trudged along effortlessly despite decades of service.  This one takes 19 tons of cane to make a ton of sugar. It is as bad as one can get in every aspect of function. It was not only poorly constructed but haplessly inefficient.  It is a money sucking bunch of scrap iron

FM

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