A Canadian consortium, advised by Basil Punit, will be investing US$20M in a five-star hotel near the Caricom Complex and proposed Convention Centre at Liliendaal, East Coast Demerara. The sod-turning ceremony is slated for next week.
Punit told Stabroek Business the 150-room hotel will sit on 12 acres of land, which had been used years ago for the sugar corporation's dairy project.
The hotel will offer all the services of a five-star hotel and its construction phase of 20 months will employ 200 workers.
The target date for opening is January 2006 and Punit says a staff of over 100 will be hired for its operations.
He confirms that the hotel plans to capitalize on the 2007 World Cup Cricket crowd. Asked whether the normal rate of tourist arrival justifies the project, Punit says a study was conducted, which found that the project will be economically viable.
Kishan Bacchus is the contractor for the project and he is believed to be a part of the consortium as well. Punit was yesterday reluctant to discuss the extent of his role in the hotel though it is believed that he is one of the leading persons in the consortium. He says a press conference would be held next week after the sod turning ceremony to brief the media on the project.
Head of the Guyana Office for Investment (Go-Invest) Geoff DaSilva had been touting the hotel investment in previous media briefs, but was always reluctant to provide details on the investors saying they did not want press coverage.
Stabroek Business contacted DaSilva for additional details yesterday after Punit was spoken to but he was critical of Punit speaking to this newspaper and questioned the newsworthiness of the proposed investment.