Georgetown: Hyatt Place hotel will be constructed on the East Bank Demerara after the sod was turned on Wednesday. The project is estimated to cost approximately US$32.2 million and will be opened by 2024.
1) Description of hotel
125 rooms, 4-star hotel, targeting the needs of Guyana’s middle to upper class corporate clientele and value-conscious business and leisure travelers. Amenities include different guest rooms options, disability outfitted rooms, restaurant and bar, meeting rooms, social lounge, fitness centre, pools, internet and communication links, room service and guest laundry, spacious parking spaces.
2) Site
5-acre parcel of land situated at Parcel 2441 Block III, East Bank Demerara, Georgetown; 3 acres will be allocated to the hotel.
3) Project Sponsor
Project will be owned by SIR Investments Guyana Inc. SIR Investments is a subsidiary of Universal Investments Limited, a company registered in 1976 in the Republic of Trinidad and Tobago.
Universal Investments Limited is owned by the Ahamad family and is an investment holding company with subsidiaries in the automotive, financial and real estate sectors in Trinidad. UIL’s main operating subsidiaries are Southern Sales & Service Company Limited which is the local dealer for the Audi, Kia, Mazda and Isuzu Brands, and Caribbean Finance Company Limited, a prominent finance company in Trinidad. Through investments in Guardian Holdings Ltd and Agostini’s Limited the Company also has a presence in the insurance, retail and pharmaceutical sectors in Trinidad and Tobago.
4) Expected Investment
The project is estimated to cost approximately USD 32.2m.
5) Project Timeline
Approximately 36 months to opening. This includes approved designs, permitting, construction and pre-opening arrangements.
6) Employment opportunities
It is anticipated that this project will create significant local content by employing Guyanese nationals.
During Construction- 250 to 300 persons and 95% of which are expected to be Guyanese Nationals.
Post Construction- 70 to 80 permanent jobs with several part-time roles and jobs and 90% of which are expected to be Guyanese Nationals.
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