As hoteliers anticipate an increase in arrivals brought on by the discovery of oil offshore Guyana, local companies such as King’s Jewellery World and Palm Court have responded to the government’s call for investors to build hotels which aim to provide first-class accommodations.
The investors were granted permission to commence working on their projects after Tuesday’s signing of separate Memoranda of Understanding (MoU) with the Chief Executive Officer (CEO) of the Guyana Office for Investment (G-Invest), Dr Peter Ramsaroop.
Harrinand Persaud, Chief Financial and Marketing Officer at King’s Jewellery World, told this newspaper yesterday that the jewellery company has developed plans for about three years now, for rebuilding the Water Chris building located at Quamina and Waterloo streets, South Cummingsburg, Georgetown, which will house the New King’s Hotel and Residences,. Following the MoU signing, Persaud said that the company will now proceed to demolish the current building and erect the new hotel which will cost between US$10 to 12 million. The establishment will have 40 rooms and a sky bar as well as a Bistro-type facility similar to the King’s Residency Suites. There will also be a shopping area.
