GBTI approves US$10M loan for construction of Robb Street hotel
Guyanese-owned Arimu Investments Inc. has secured a US$10 million loan from the Guyana Bank for Trade and Industry Limited (GBTI) to finance the ongoing construction of an Aiden by Best Western Hotel in Georgetown.
This was announced on Wednesday by the Guyana Americas Merchant Bank Inc. (GuyAm Bank), lead arranger of the loan for the hotel development project being constructed at Oronoque and Robb Streets, Georgetown.
“This facility is being financed by the Guyana Bank for Trade and Industry Limited (GBTI). GuyAm Bank extends its congratulations to Arimu Investments Inc. on this accomplishment, and commends its plans for the development of the tourism and hospitality sector in Guyana,” GuyAm Bank said in a statement.
GuyAm Bank, a subsidiary of GBTI and Secure International Finance Corporation, is known for offering world-class investment banking, investment advisory, and stock brokerage services in Guyana. The bank has said it is also committed to helping clients raise capital through the private placement of securities, public issue of shares on the Guyana Stock Exchange, and access to loans from various banks within Guyana and the region.
This loan will partially finance the US$20 million Aiden by Best Western Hotel, which will span nine floors of a 74,000 square foot modern building. The vision is to have more than 100 executive rooms, an executive bar and lounge, executive conference rooms, private dining rooms, a state-of-the-art gym, bar, and restaurant.
Initially, the hotel was slated to have a 101-room capacity, but this has been increased to 150 rooms following the investor’s acquisition of additional land at its Robb and Oronoque Streets, Georgetown location early last year.
The sod for the Aiden by Best Western Hotel was turned in March 2021, and construction works commenced subsequently.
On December 16, 2022, Arimu Investment’s Inc. announced that it has signed a contract with a Chinese company, CNQC Engineering and Construction Limited, to take the Aiden by Best Western to its “completion and turnkey stage”.
Despite delays and other hindrances, the company has said that the hotel is on track for its scheduled opening, sometime between December 2023 and January 2024.
Aiden is a boutique-style hotel under the world-renowned Best Western Hotel and Resorts. It is part of a trendy collection of laid-back boutique hotels that blend cool, casual and charm with an eclectic neighbourly feel.
No two hotels are alike, as each is designed to reflect the unique personality of each community/country it serves. Guests would discover local flair and imaginative designs with Aiden as their welcoming and stylish host.
The Aiden by Best Western Hotel would be providing guests with executive chauffeur services, shuttle bus tours around Guyana, Demerara River tours, and the investor is also engaging the aviation sector for helicopter tour packages.
This hotel will be the 12th Aiden Hotel worldwide and the first for the Caribbean and South America.
Arimu Investments Inc’s Director Geraldo Alphonso had indicated that the project would provide jobs for as many as 150 Guyanese workers throughout its construction phase, and a total of no less than 50 when it becomes operational.
“It was high on our company’s construction agenda to ensure that we utilise every inch of the Guyanese workforce,” Alphonso has posited.