Construction of the long-stalled US$51M Marriott Hotel in Kingston is scheduled to start next month but government is still seeking one or more participants who will collectively own 67% of the project’s equity amounting to US$8M.
In an ad in yesterday’s Sunday Chronicle, the government through its special purpose company for the project, Atlantic Hotel Inc (AHI), issued a final call for expressions of interest (EOI) to participate in the Marriott hotel project private equity. The ad said that while AHI is in receipt of a number of EOIs from private investors to participate in the equity, the company is seeking to finalize the selection of one or more participants who will collectively own 67% of AHI’s equity with a total subscription value of US$8M. Collectively, the total common equity of AHI will total US$12M and the government vial NICIL, will be a minority partner owning 33% of AHI’s equity amounting to US$4M.
Overall, government will provide 1/3 of
