Hotelier Robert Badal says that he is not participating in the new round of bids for Marriott Hotel Guyana as he does not think that reserve price set of US$85m is worth it.
In an invited comment to Stabroek News following the report in yesterday’s Sunday Stabroek that government holding company, NICIL had resumed accepting bids for the hotel, Badal said “I have already offered the best price I could possibly have given the information received. My offer of US$55.5M reflects 15 times the current annual earnings which I believe is very attractive to any seller given that the valuations of large Blue Chip Global companies on Wall Street ranges between 8 and 12 times earnings”. He noted that even NCB Capital, an authority on valuing Investments, thought that US$33M was a fair price. NCB had tendered that bid in the earlier round of invitations for expressions of interest.
