| A buyer for the incomplete Cacique Palace and Banquet Hall has not yet been secured, but the ‘sales team’ is currently in contact with three prospective purchasers.This disclosure was made by Keith Burrowes, who is acting on behalf of Government in overseeing the sale of the property, in collaboration with the original investors.The incomplete Cacique Palace and Banquet HallAccording to Burrowes, an American company with Guyanese connection, and two locals,Wholesale Authentic Jerseys, have expressed interest in purchasing the entity. Currently, the ‘sales team’ is going through due diligence for prospective buyers.He noted that other businesses or individuals wanted to purchase the hotel but were not pleased with the terms and conditions.The structure located aback of Princess International Hotel at Providence,Cheap Jerseys China, East Bank Demerara, was supposed to have been completed in time for Cricket World Cup 2007. However, that did not occur and the structure remains incomplete.Work on the hotel, originally slated as a US$3.5 million (G$700M) project,Cheap Stitched Jerseys, began at the end of January 2006,Wholesale NFL Jerseys China, and was to have been completed by the end of the same year.At the time of the construction, the government facilitated $30M from the Consolidated Fund. That money was turned over on the agreement that it was an advance payment for rooms, but with no business being conducted, the money will be repaid when the structure is sold.The Cacique Palace was supposed to have offered, in addition to the scores of rooms, a banquet hall that could cater for about 700 persons; three catering restaurants, a storage room, a second-floor pool, 21 suites (including two with presidential facilities) and tuck shops.The property boasts land measuring approximately 226,512 square feet with two buildings comprising 45 apartments, conference facilities,Wholesale China Jerseys, a catering centre, restaurant, swimming pool and recreational facilities.The ‘sales team’ has for more than three years failed to secure a buyer willing to pay the reportedly US$5M (G$1B) being sought. Burrowes declined to comment on the amount being sought for the structure, but assured that the bidding process is transparent.He noted that persons interested in purchasing the entity have to deposit their bids in an already indicated Post Office Box, and from there discussions are held. However,Cheap Jerseys USA, after a buyer is selected, the final decision has to be approved by Government.Burrowes stressed that the ‘sales team’ will not sell the structure at a loss. He said that the money obtained would have to repay Government its investment and ensure the proprietor receives money even after clearing liabilities. (Keeran Danny) |
