In a second round of bidding for the purchase of the state-owned Kingston hotel – the Guyana Marriott, American entrepreneur, Ramy El-Batrawi, founder of investment group X, LLC upped his bid by US$25 million from his initial offer.
He submitted a bid of US$90 million, the National Industrial & Commercial Investments Limited (NICIL) said following the opening of tenders yesterday. Integrated Group Guyana Inc, the other company that expressed interest in purchasing the hotel, submitted a tender of US$86.1 million – US$31.1 million above its previous offer.
The Government of Guyana had publicly rejected the first round of bids. It held the view that all six bids submitted for NICIL’s shares in Atlantic Hotel Incorporated (AHI) for the acquisition of the Guyana Marriott Hotel came in at a figure that was not acceptable. X, LLC in the previous round of bidding had tendered the highest bid at US$65 million while Integrated Management Group – which runs the Palm Court – bid US$55 million.
