Locally-owned Pegasus Hotel has announced a September 2020 completion of its 12-storey suites and a seven-storey corporate offices expansion.
The construction of the estimated US$100M project started in October last year.
It comprises a 12-storey tower providing long-term accommodation and a seven-storey office complex providing first world corporate offices.
According to Pegasus’s managing director, Robert Badal, all corporate offices would over time be converted to accommodation when it is viable to do so. The objective is to expand the services offered by Pegasus Hotel, a premier tourism company.
Giving an update last week, the executive disclosed that regarding the economic benefits, taxes from suppliers and bank interest during construction is estimated at US$2.8M per annum and close to US$4M per annum after full operation.
During the construction phase, there is employment for 300 persons, half of them Guyanese.
The contractor is China Harbour Engineering Company, which is involved in the Cheddi Jagan International airport project and more recently, the MovieTowne construction.
According to Badal, the expansion will see the first Grade A green building in Guyana with Silver Leed-certified and with 30,000 square feet of solar panels.
Badal insisted that the project will see first world building technologies transferred to Guyana.
“Investments should not be taxed until they start to generate profits and free cash flows. Otherwise we would have no investments and no jobs creation,” the official urged.
He said that modern architecture and green technology, when completed, would be a source of national pride.
With regards to the economic benefits, he said that income tax would be up to $70M during construction and almost $12M during operations.
Annually, the NIS contributions will be around $9M.
Contribution to the Value Added Tax, Badal estimates, would be around $200M.
During construction, the total taxes would be around $560M with almost $8B annually in taxes coming from the expansion when in full operations.
Badal had boasted last year that the expansion represents one of the largest investments in the local private sector in Guyana.
Plans for its construction indicate that there will be a 12-storey hotel to provide luxury accommodation, bars, restaurants and entertainment facilities, as well as long term accommodation.
A second tower, intended to be the hotel’s corporate centre, will be built alongside the Pegasus Suites.
The expansion is ongoing to the east of the current hotel, where a tennis court was once located.
It would come with news that the Government-controlled Marriott Hotel is reaching capacity as the activities of oil and gas heats up.
Guyana is expected to start production of oil, offshore early in the new year.
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