Hotel Tower up for sale
- Princess Hotel offers to buy but price tag rejected
The owners of Hotel Tower are looking for a buyer for the Main Street hotel. The only thing stopping the sale is an acceptable price tag.
Kaieteur News understands that the owners of the Princess Hotel have expressed an interest but their price offer was not accepted as it was below what the owners are looking for.
The hotel was bought by businessman Salim Azeez and US-based Guyanese contractor James Manbahal for US$3.5 million.
The new owners set about an extensive remodeling project billed at US$6 million.
Manbahal confirmed to Kaieteur News that he is looking to sell.
He said that neither owner has the time to oversee the running of the hotel.
He denied that the intended sale of the hotel has anything to do with business. According to Manbahal, hotel occupancy has been at an acceptable rate and the other businesses such as its nightclub, salon and restaurants have ensured a reasonable cash flow.
However, he said that the owners face a challenge in managing the staff of about 180 and that is the main reason for wanting to sell.