| …disqualified US Company paid US$1M to supervise construction The management fee that will have to be paid to Marriott International will not be publicly disclosed, said Chairman of Atlantic Hotels Inc (AHI), Winston Brassington.Brassington told media operatives during a press briefing on Thursday at the NCN studios, that AHI has already executed a number of agreements with Marriott International.AHI Chairman,Cheap Jerseys For Sale, Winston BrassingtonHe said that it has inked in addition to the Management Agreement, a License and Royalty Agreement.This agreement, he said, would be for the use of Marriott Trademarks for hotel services and other related goods.Brassington said,Cheap NHL Jerseys Online, too, that an International Services Agreement has also been inked with Marriott International. This allows for the participation in international advertising, marketing, promotion and sales programme.He said too that AHI has also inked a Technical Services Agreement- for the provision of limited design and architectural services. The agreements will be binding for 30 years.Asked why AHI would not be disclosing the amount to be paid by AHI to Marriott International for the management fee,China NFL Jerseys, Brassington said that it was competitive information that could not be disclosed.“That’s competitive information that Marriott doesn’t allow us to make public.”He would only say that the fee would be a percentage of the annual revenues that the hotel would make. “It is very small,” he addedUS$20M SpentTo date just under US$20M has been spent on the Georgetown Marriott Hotel all of it coming from the National Industrial and Commercial Investments Limited (NICIL).NICIL has invested as an equity partner in the project US$4M and has also made out a loan to the project for US$15.5M.“The money that has been spent on the project is based on what we said we would be putting into the project…The total expenditure we have in the project is a little under US$20M.”With AHI not having financial closure for some US$39M of the required US$58.5M for the completion of the hotel, Brassington downplayed any notion that this would not happen.According to the AHI Chairman,Authentic MLB Jerseys Online, “When we started the project we knew that we were still missing the equity investor.”He explained that there is a binding term sheet with Republic Bank for the money it was asked to syndicate for the project.“The way the money flows into the project, our money comes first, then the private investors money, then lastly the Republic Bank financing.”As such, Brassington said that AHI needs to have financial closure with the unnamed private investorDisqualified CompanyMeanwhile, he did disclose that MA Angeliades had been issued the contract to provide construction supervision services.According to Brassington, the company is being paid just over US$1M for this service.That company was disqualified from tendering for certain state contracts in New York, US.According to US news reports,Cheap Jerseys Wholesale, M.A. Angeliades, of Long Island,Cheap NFL Football Jerseys, New York, pleaded guilty in June 2010 to shortchanging 300 workers it had employed on nearly a dozen substation construction jobs.According to Brassington, the Marriott project has been on the cards for a decade now and is now nearing completion.According to the feasibility study conducted last year for the project, it has an overall rate of return of 11 per cent.Brassington told media operatives that the Marriott Hotel comes to Guyana at a time when the last branded hotel came 40 years ago.The Princess Hotel did take over the then Buddy’s International Hotel in 2009.“Guyana lacks any quality branded international Hotel…we expect this project to have considerable benefits to Guyana,” according to Brassington. |
