-shareholders in talks to sell
The majority shareholders in the Pegasus Hotel are still in negotiations to sell their shares but the hotel has not been sold, a representative of Starman UK Services Company Mark Osborne says.

Osborne, in a brief telephone interview with Stabroek News yesterday clarified that a decision was made by the hotel’s board to rebrand the hotel. He explained that dropping ‘Le Meridien’ was a result of the non-renewal of the management contract of Starwood System, which expired on Tuesday.

Starwood, in a notice on its website, announced that Le Meridien Pegasus Guyana was leaving its system.
Osborne, who has been pivotal in the rebranding process, emphasised that efforts are being made by the board to replace Bert Plas as general manager. In a statement announcing the rebranding, the hotel’s board of directors thanked Plas for his dedication in managing the hotel over the past two years. It said the board decided that the hotel would be better suited to management under the brand ‘Pegasus Hotel,’ controlled by the local management team and supported by the majority shareholder, Starman UK Services Company.

Further, the statement said, work to maximize the profitability of the hotel and to change the brand have been underway for the last six months and the owners have committed capital investment of over US$1M to refurbish parts of the hotel, including the Savannah Suite, public areas and the Kingston Wing bedrooms. Plans are also moving apace to bring the hotel’s IT systems up an international standard, it added.
The statement also said that until transactions took place with regard to sale of shareholdings, Starman remains committed to the success of the hotel, the staff and its loyal Guyanese customer base.

Meanwhile, it also pointed out that the National Insurance Scheme retains a minority interest of 3.58% of the share capital and is very supportive of the investment programme and the current direction of the hotel under the “Pegasus Hotel Brand.”