In response to the Stabroek News editorial of 20 March 2022 on the Marriott Hotel, former Finance Minister Winston Jordan provided some specifics on the loan of US$17.3 million that was taken from the Republic Bank of Trinidad and Tobago to finance the cost of construction of the Hotel. The repayment of the loan was to have been made over a 13-year period at interest rates of 9.15 percent and 8.65 percent during construction and post-construction phases, respectively. However, there was an 18-month moratorium on interest as well as a 24-month moratorium on principal from the date of first disbursement. The former Minister stated that neither Atlantic Hotel Inc (AHI), the owner of the Hotel, nor its parent company, National Industrial and Commercial Investments Ltd. (NICIL), was able to service the debt. As a result, the Government stepped in and took over the liability after an agreement was reached for the restructuring of the loan to reflect the repayment of the principal and interest of 6.28 percent over a 15-year period. The outstanding liability is now reflected as part of the public debt of Guyana.
