Construction of the Marriott Hotel will most likely start within the next two to three months as the government is about to enter into a public/private partnership with the Zublin Group in Grenada, President Bharrat Jagdeo said this afternoon.
Speaking during a press conference at the Office of the President, Jagdeo said that following a public tender two bids were received and the contract awarded to the lower bidder. Jagdeo said that the government is on the verge of signing a Memorandum of Understanding (MOU) with the Zublin Group.
“I think the government will have…one third equity, and the investor will have two thirds equity,” Jagdeo said in response to a question. He did not reveal how much money the project will cost or how much money government will be putting in saying that since it is a mainly a private sector-owned project it is better that this information be revealed at the time of the official announcement.
The project had been on the drawing board since 2006, but had been delayed due to several factors. Word of the Zublin’s interest in the project surfaced last year. An official from the Group visited Guyana and met with government officials, but the administration denied that the meeting had anything to do with the construction of the Marriott Hotel.