More than 1,300 world-class rooms will be added to the local market by the end of 2024, as a series of hotels are currently under construction and slated to be completed this year.
President, Dr Mohamed Irfaan Ali made the disclosure while speaking at the groundbreaking ceremony for the massive Georgetown Seafront Resort and Convention Centre on Sunday.
He highlighted that these new ventures are a reflection of the government’s commitment to diversifying the capital markets for investment.
Approximately 10 new hotels will add to the national economy over the next few years, which include internationally acclaimed brands such as Marriott, Hyatt, Hilton, Radisson, and Best Western Hotels.
In addition to these, King’s Hotel and Residence is constructing its second branded hotel on the corner of Quamina and Waterloo Streets, which will be equipped with modern amenities and is expected to feature approximately 60 rooms.
Works are also ongoing on the US$20 million Courtyard by Marriott Hotel at Timehri, East Bank Demerara, which is expected to be opened in the final quarter of this year.
The head of state pointed out that with these new facilities under construction, the total private sector investment amounts to over US$250 million.
According to the president, this speaks to the confidence that international partners have in the country’s economy.
“These investors for these hotels span from North America to local and regional investors. So you can see the diversity in the spread of investment that is coming into the country. We also have proposals that will see new announcements being made before the end of the year.”
This aggressive drive to bring new accommodations to the country forms part of the government’s thrust to expand the tourism industry, and provide for the influx of visitors.
Against this backdrop, the government is confident that the goal of achieving 2000 hotel rooms by 2025 is well within reach.
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