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American businessman, Ramy El-Batrawi, has submitted a new proposal of US$90 million to purchase the profitable Guyana Marriott Hotel, with his lone challenger Ravindra Prashad bidding US$86.1 million.
Several days after six bidders submitted their proposal for the acquisition of the Marriott Hotel, which is owned by the Government of Guyana, Vice President Bharrat Jagdeo on Thursday announced that the “bids are too low” and added that the government will not proceed with the sale of the hotel until the bid reflects the true value of the hotel.
The United States Securities and Exchange Commission (SEC) back in 2010 had barred American businessman, Ramy El-Batrawi– the top bidder for the “profitable” Guyana Marriott Hotel – from acting as an officer or director of a public company for a period of five years.
Four invitations for tender on Sunday opened for services for the Guyana Marriott Hotel, which is currently up for sale.
The bids for the local Marriott Hotel are in, and they shed light. The six bids ranged from a high of US$65 million to a low of US$25 million, with several local entities among those indicating their interest. Among the bidders, local businessman Robert Badal came in with the second highest bid of US$55.5 million. In the context of Guyana, and the prospective purchase a hotel valued at US$60 million, this says plenty.