Pegasus Hotel to undergo US$100M expansion

The Pegasus Hotel in Georgetown has unveiled plans to build, as part of a US$100 million expansion project, two high-rise structures: one a corporate office, and the other for residential accommodation.
A sod-turning ceremony to commence the project was conducted on Thursday morning, during which the hotel’s owner, Robert Badal, disclosed that the expansion signifies confidence in the Guyana economy.
He said the China Harbour Engineering Company (CHEC) has been contracted to complete the construction works, which would begin immediately.
Badal was clear that the expansion is not to compete with any other hotel.
Business Minister Dominic Gaskin commended the hotel on its expansion plans, and used the opportunity to reiterate Government’s commitment to the private sector development.
In 2009, a consortium of overseas and local investors led by Badal bought the Pegasus Hotel for an undisclosed sum of money. In 2010, Badal disclosed that he had borrowed US$8 million to purchase the 130-room hotel and do rehabilitative works on its structure. However, under his ownership and management, the hotel has faced much criticism. The Pegasus Hotel website details that it was first owned by British Overseas Airways Corporation (BOAC), and opened its doors for business on 1st November, 1969 after construction was completed by renowned British construction firm Taylor Woodrow.
The website details that the Pegasus…changed owners several times before being purchased by Badal. “From its initial owner, British Overseas Airways Corporation, to Trust House Forte Group of Hotels, to the French Group Le Meridién managed by Starwood Hotels. After 40 years, Pegasus Hotel Guyana is now owned by Guyanese Entrepreneur Robert Badal, who has pledged to continue its tradition as the country’s foremost hospitality house,” the website states.
Boasting of having served guests from all walks of life, including the very rich and famous, the Pegasus names Queen Elizabeth II of the United Kingdom of Great Britain and Northern Ireland; former President of the United States of America, Jimmy Carter; Bollywood legend Amitabh Bachchan, and pop star Mick Jagger as just some of those who have enjoyed its comfort.