Pegasus still on the market – Luncheon

Luncheon said the local businessman had commenced negotiations with the hotel management, but the deal fell through after he was unable to put up the required finances.

The HPS would not name the businessman, but he said that the businessman was also not inclined to make certain disclosures about his finances resulting in the talks coming to an end.

Starman UK Services is still the majority shareholder in the Pegasus Hotel, which is still on the market.  The Pegasus Hotel officially severed ties with the Starwood chain of hotels and resorts last year and as a result, the hotel dropped the ‘Le Meridien’ brand, which is owned by Starman UK Services Company.

A share purchase agreement for the sale of the hotel was reportedly executed some time last year, between an overseas-based company, of which local businessman Robert Badal is the principal and Starman.

Badal had indicated to Stabroek News then that a group of businessmen out of Miami had signed a letter of intent with the owners of Le Meridien Pegasus for the purchase of the hotel but he had said that no deal was concluded.

Badal, who introduced the Miami businessmen to the owners of the hotel, Starwood Hotels and Resorts, explained that he had met the businessmen out of Miami who were interested in the hospitality industry and he introduced them to the owners of Le Meridien Pegasus. Two directors of the company had met the Miami businessmen for the negotiations.

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