Government is being urged to “proceed with haste” to sell the Marriott Hotel in light of uncertainty about the financial viability of its operations and rising costs that could take the final price tag for the project to at least US$98 million.
Additionally, with a less-than-desirable occupancy rate within the initial months of the hotel’s operations, there is a “serious risk” of default in relation to a Republic Bank loan used for construction, according to the forensic audit of the hotel that as conducted by former Auditor-General Anand Goolsarran.
The audit report, obtained by Stabroek News, details the escalating costs of the venture as well as the fact that the former government proceeded to channel funds into construction without parliamentary approval and struck a deal that would give Hong Kong investors full ownership for just over 10% of the total cost of the project.
It ultimately urges government to either sell the hotel or retain a majority interest but pointed out that in the latter case,
