–150-room facility to be constructed next to Ogle Airport, to employ close to 100

GUYANA’S partnership with Suriname continues to extend further, this time in the private sector, with the country’s Blue Investment Group Incorporated proposing to build a US$28 million luxury hotel next to the Eugene .F. Correia International Airport at Ogle, on the East Coast of Demerara (ECD). A Memorandum of understanding (MoU) for the construction of the proposed 150-suite “Residence Inn by Marriott” was signed by the investors and the Chief Executive Officer (CEO) of the Guyana Office for Investment (Go-Invest), Dr. Peter Ramsaroop, on Wednesday. This proposed venture is indicative of the growing cooperation between Guyana and Suriname, which have both committed to not just bridging both nations physically with a bridge over the Corentyne River, but has signed an open skies agreement to allow for smooth air travel and has created a joint business facilitation unit to increase private sector cooperation, collaboration and investments. Guyana and Suriname are both on the cusp of economic transformation and advancement, because of their new-found oil wealth. But those countries, instead of being competitors, have chosen to work collaboratively to achieve common goals.

The latest announcement by Suriname’s Blue Investment Group Incorporated, a subsidiary of Cirkel Group N.V, is seen as another step towards economic advancement, as the facility will not only create close to 100 jobs, but will also catalyse growth in cottage industries and micro/small enterprises. The 150-suite Residence Inn hotel will represent Marriott’s “extended stay brand” in Guyana, meeting world-class standards. According to information shared with the Guyana Chronicle, the hotel will not be the average “short-term” accommodation facility, but will instead cater for persons staying for long periods of time and for those who want to be self-sufficient. “Residence Inn provides a home plus experience with the added amenities of an upscale hotel. The hotel will offer spacious suites with living, working, cooking and dining areas, complimentary grocery delivery and a daily hot breakfast. Guests can enjoy outdoor living space featuring a swimming pool and grill,” said the investors, adding that the construction of this facility will commence in March 2021. The investors are confident that they will deliver quality service to every guest, as they intend on replicating the level of quality and efficiency offered by its Courtyard by Marriott in Suriname.

It was reported that close to US$1 billion (G$215B) will soon be injected into Guyana’s economy in the form of world-class hotels which will be constructed across the country to cater for the anticipated increase in visitors, who are being attracted by the nation’s burgeoning oil and gas sector and its spill-off benefits.
A business-friendly climate supplemented by the anticipated economic ascension is being credited for the attraction of major players in the hotel industry, such as Sheraton, The Element, Delta Marriott, Best Western Hotels and Resorts, the H-Tower Luxury Hotel, the Marriott Courtyard, the Hyatt Hotels Corporation, the Radisson Hotels, and the Hilton Hotels and Resorts, among others. According to a study by Oxford Economics, hotel operations and guest spending, support eight million jobs across the US alone. The same study found that a typical hotel with 100 occupied rooms per night supports 230 local jobs every year. And the nation’s hotel and lodging industry bring other important benefits to local communities. These businesses are a cornerstone for local economic activity, providing increased tax revenue, capital investment, tourism-related development and promotion, civic leadership, charitable contributions and sponsorship. These benefits are also expected to accrue to Guyana, as the country continues to function as an investment magnet.