Construction of US$20M Marriott Courtyard at CJIA starts May month-end

– as final agreements signed with Marriott International

The final agreements have been signed between Marriott International and Cardinal Investments Inc in regard to the construction of a Marriott-branded Courtyard hotel costing US$20 million at the Cheddi Jagan International Airport (CJIA), Timehri, East Bank Demerara (EBD), and works are expected to commence by the end of May.
Operation of this Courtyard hotel is being undertaken by Cardinal Investments Inc, whose owner is businessman Roy Bassoo.

Guyana Marriott CEO Eduardo Reple signing the Agreements with Denise Bassoo and Roy Bassoo

The four agreements that were signed last Thursday are: (i) Hotel Management Agreement; (ii) Licence and Royalty Agreement; (iii) International Services Agreement; and (iv) Technical Services Agreement. Marriott International was represented by General Manager of the Guyana Marriott Hotel, Eduardo Reple.
Bassoo later told Guyana Times on Thursday that with these agreements now signed, he would be going ahead with construction of the 140-room hotel, which would be undertaken by his own construction company, R. Bassoo & Sons Construction. Works are expected to be ongoing for approximately two years.
“We anticipate starting construction by the third week in May, (at) almost month end. It will run for about 24 months, and the hotel is expected to open in early 2023… We will be constructing it, Bassoo Construction; we have 26 years’ experience in construction, but, of course, there will be specialised phases that we will have to sub-contract,” Bassoo noted.
According to the businessman, there will be at least 150 workers, both local and foreign, working on the project, and the construction process will be supervised by Marriott International throughout.
“We will be building to Marriott’s standards, and so each phase will have to be vetted by Marriott,” Bassoo further told this newspaper.

Design of the Courtyard by Marriott to be built at the CJIA

Meanwhile, at last week’s commemorative handing over of the agreements, done at the Guyana Marriott in Kingston, the copies thereof were presented by Reple to the businessman’s wife, Denise Bassoo, who is the Corporate Secretary of Cardinal Investments Inc.
Reple used that opportunity to commend Cardinal Investments Inc for their “pioneering vision” in pursuing a new Marriott International Hotel in Guyana.
Also witnessing the handing over of documents were Public Works Minister Juan Edghill; Chief Investment Officer of GO-Invest, Dr Peter Ramsaroop; and advisor to the project company, Winston Brassington.
Minister Edghill has said he recognises the development of this hotel as a “Kairos moment” in Guyana’s hospitality sector. He said, “Development has an expiry date, and so we must take advantage of the opportunities presented to us right now”, and that “investments made by the Private Sector spearhead development”, and “when businesses thrive, the country as a whole can also reap the rewards.”
As a frequent traveller, the Minister further underscored the urgent need for a hotel at the CJIA, in light of the growing business opportunities in Guyana.
Meanwhile, Dr Ramsaroop has said he “is exuberant to expedite the commencement of this project, as it will be the first major airport hotel in Guyana, and dramatically improve the calibre of Cheddi Jagan International Airport.”
Moreover, he said, the hotel would be a one-minute drive from the entrance of the CJIA, and is expected to accommodate airline crews and staff, business personnel, diplomats, and other travellers. As such, he said, this development would “facilitate the ease of doing business for investors, and establish convenient accommodations for tourists.”
The GO-Invest Head went on to say that “…the project is fully supported by the Government of Guyana, and this is the second Marriott International Hotel in Guyana since its inception under the previous PPP/C administration, and will continue to provide outstanding hotelier services under a reputable and longstanding developer, Bassoo Building and Civil Engineering Contractors.
“We are thrilled to bring the Courtyard by Marriott brand to Guyana, and further expand our portfolio in the market,” Chief Development Officer of Marriott International Caribbean and Latin America, Laurent de Kousemaeker, remarked. He added, “The collaboration with Cardinal Investment, Inc was key to forging the deal, which will give business travellers and other visitors additional choices in the destination.”
The Courtyard by Marriott at the CJIA will be the second Marriott International brand in the country, and the hotel brand of choice for ambitious and enterprising guests who see business travel as a driver of personal fulfillment and professional growth.
Courtyard provides opportunities for guests to pursue both their personal and professional passions on the road. With more than 1,200 locations in over 53 countries and territories, Courtyard is proud to participate in Marriott Bonvoy, Marriott’s award-winning travel program.
Cardinal Investments Inc. is the special purpose company created by Roy and Denise Bassoo, that will design and construct the 140-room Courtyard by Marriott hotel at the CJIA on 2.5 acres of land leased from the government.
In December, GO-Invest executed an MOU for the project in line with incentives being granted for all new projects. Financing for the project will come in part from syndicated financing led by Republic Bank.
That same month it was announced that R. Bassoo and Sons had entered into initial agreements with Marriott International and the Government of Guyana to design and build the hotel.
These agreements follow the company’s response to the Government’s request for proposal (RFP) and include a Letter of Intent (LOI) with Marriott International, a completed market study by Hotel Valuation Services (HVS), one of the foremost hotel valuation firms, and a conceptual design by Urbahn Architects (New York’s 2019 Design Firm of the Year).
Republic Bank of Trinidad and Tobago has also made an indicative offer of financing. Republic Bank has arranged over US$100 million in financing for other real estate projects in Guyana, including Movietowne, the Pegasus Corporate Offices and Suites, and the Georgetown Marriott hotel.