As Government continues to create and foster investment opportunities in the country to allow for job creation and economic growth, Senior Finance Minister Dr. Ashni K. Singh was joined by Minister of Tourism Industry and Commerce, Oneidge Walrond, Minister within the Office of the Prime Minister Kwame Mc Koy, GO-Invest Chief Executive Officer (CEO), Dr. Peter Ramsaroop and officials of SIR Investments Guyana Inc. Imtiaz and Reyaz Ahamad to turn the sod for the construction of a new US$32.2 Million Hyatt Place Hotel at Providence, East Bank Demerara.
The new hotel which will comprise over 125 rooms is slated to be completed in 2024. It will create 300 jobs during its construction phase and another 80 permanent jobs afterward along with several part-time job opportunities for Guyanese.
It is expected to be a four-Star Hotel targeting the needs of Guyana’s middle to upper-class corporate clientele and value-conscious business and leisure travelers. Additionally, the hotel is expected to increase economic activity at Providence where that part of the East Bank corridor is also targeted for the construction of the New Demerara Harbour Bridge while additional housing communities being established are in close proximity as well as several major businesses undergoing expansion.
Speaking at the sod-turning ceremony, Minister Singh re-emphasized the Government’s commitment to the continued fostering of economic growth and job creation.
He also reminded that the Providence area had long before been cane fields prior to being vastly developed under the previous People’s Progressive Party/ Civic Government.
“It took at the time a bold and visionary Government that recognized the trajectory that Guyana could be heading towards to develop this entire new development that today we might easily take for granted.
“Not so long ago this entire area represented fields that were unutilized, and we embarked- the previous People’s Progressive Party/Civic Government-recognizing that we were simultaneously laying the foundation for a tremendous economic take-off in Guyana.
“Indeed, long before oil and gas had been discovered and confirmed that led to the opening of vast new areas such as Providence, such as Diamond/Grove, such as Eccles.” Dr. Singh reminded.
Dr. Singh added that the sod-turning ceremony marked the home stretch approaching the culmination of a long journey borne out of a tremendous vision for the future.
Minister Singh also complimented SIR Investments Guyana Inc. for recognizing Guyana’s tremendous potential as a destination for investment and re-emphasized the Government’s commitment to the continued fostering of economic growth and job creation.
Also addressing attendees at the sod-turning event, Minister of Tourism, Industry, and Commerce, Oneidge Walrond posited that Government will continue to facilitate expansion and investment in the tourism and hospitality sector and assured that there was more to come.
“I reflect that it was but just a short while ago (in March of this year) that I had the privilege to share the stage with his Excellency President Ali as we turned the sod for the construction of a 101-room hotel in central Georgetown under the Best Western brand.
Scarcely four months later, last July, we again shared the stage, this time in Timehri- to turn the sod for a Marriott-branded hotel which, on completion, will feature 140 rooms.
“Today, we are about to turn the sod for the construction of a Hyatt brand, first one of its kind in Guyana which will feature 125 rooms,” Minister Walrond posited.
The Minister said further that developments such as these are proof of the confidence of investors in the economic potential of the country and in the ability of its Government to competently manage Guyana’s affairs.
Meanwhile, Chairman of SIR Investments Guyana, Mr. Imtiaz Ahamad said, “Guyana was on our radar as a booming rapidly-growing market and after conducting various feasibility studies this opportunity presented itself and has brought us to this point today.”
The Chairman thereby expressed appreciation to the Government of Guyana, the Guyana Office for Investment, and other stakeholders. He also noted that in the current landscape of the COVID-19 pandemic, the investment group’s decision to expand its brand to Guyana shows its confidence in Guyana’s economy, the country’s tourism sector, and business as a whole in Guyana.
