Guyana Office for Investment and TOTALTEC Greenlight US$90M International Hotel Deal
January 7th, 2021 – Georgetown, Guyana – A Memorandum of Understanding signed by the Ministry of Tourism, Industry and Commerce, the Guyana Office for Investment and the Chairman and CEO of TOTALTEC Oilfield Services Lars Mangal, officially sanctions the construction of a US$90 million international hotel in Houston/McDoom, East Bank Demerara, Guyana.
The agreement, signed late November by Dr. Peter Rasmaroop and Lars Mangal, greenlights a project that will see over 25 Guyanese contractors and suppliers involved as hotel planning and construction begins. Economic reports hint at a significant trickle effect of economic value to those associated with the contractors and suppliers directly involved in the project.
Said Mangal, “We see it as a great opportunity for Guyana to build further local capacity in support of multiple sectors, led by tourism and the very dynamic and fast-emerging oil and gas.”
The hotel is being seen as a critical first step in developing Guyana’s land-based infrastructure, so as to better support and capture more of the economic activity associated with the energy sector, as well as provide new career opportunities.
The hotel project will also increase Guyana’s profile as an international tourist destination, providing the accommodation necessary to grow the sector. The 289-room hotel will include a 161-room Hilton Garden Inn, and 128 suites. Facilities associated with up-market hotels will feature in the development, including a conference hosting, pool and 24-hour fitness.
Minister Oneidge Walrond, Go-Invest CEO, says, “This is just a tangible expression of the confidence that investors have placed in Guyana, and we are quite excited that we have one of the hotels that we have promised. We have the branded hotels ready to go, and this is quite an exciting time.”
The project is led by 658 Guyana Holdings, Ltd., and managed by 1503 Partners. TOTALTEC Oilfield Services and GREC Investment Group will be key stakeholders in the project.
Go-Invest CEO, Dr. Peter Ramsaroop; and CEO of TOTALTEC Oilfield Services, Mr. Lars Mangal, look on as Minister of Tourism, Industry and Commerce, Oneidge Walrond signs the agreement.
TOTALTEC Oilfield Services is focused on the success of the oil industry in Guyana for the benefit of the country, its people, and partner companies. It does this through three areas: people, partnerships, and facilities. Qualified and motivated Guyanese develop through the International Petroleum & Maritime Academy. Partnerships prioritize products and services that are starting points to grow from, creating new Guyanese led companies. Examples are Guyana Shore Base, Inc. providing support to offshore operations and Jaguar Oilfield Services offering a complete range of lifting equipment and inspection services. The 94% Guyanese TOTALTEC workforce includes 8 nationalities with over 160 years of international oilfield experience. https://www.totaltec-os.com