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There is a “dire need” for more hotels in Guyana, according to the country’s tourism minister, who says demand for rooms already outstrips supply despite the government’s plan to bolster visitor numbers amid an economic boom.
This news is of great interest to tourists who want to invest in Latin America and Caribbean. Guyana is one example. expected to register the highest growth rate in the regionEvery year, until 2023.
Oneidge Walrond, Minister of Tourism, Commerce and Industry, stated that the shortage of hotel rooms is so severe that President Uhuru Kenyatta was forced to cancel his planned trip to Guayana due to inability to book the accommodation.
“The Marriott is booked all the way to January!” Oneidge Walrond told local mediaThe seriousness of the supply shortage is highlighted by this graphic
Walrond claimed that the present government has sent Expressions of Interest in branded hotels to Walrond within a month of its election as August 2020’s leader, and that at most eight large hotel development projects are under way.
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These include the $15 million boutique hotel that was built under Aiden/Best Western’s brand in Capital Georgetown, and the $90 million Hilton Hotel in Greater Georgetown. All figures are in US dollars.
Another Guyana hotel project is a brand-named 289-room hotel located in the heart of Guyana’s business district. A $100 million project will be built for a 5-star Radisson Blu Hotel. A $20 million Marriott Courtyard hotel is currently being built near Georgetown’s Cheddi Jagan International Airport.
Guyana needs hotels amid the economic boom
The need for more hotels in Guayana comes amid a major economic boom, driven by discoveries of significant oil deposits off the country’s coast, with the government earlier this year launching a process to find a partnerIt will market its part of the crude oil being produced.
Since signing a contract with the Guayanese government in 2016, ExxonMobile has made a series of discoveries in the Atlantic Ocean’s Stabroek Block, with deposits totalling nine billion barrels already identified before major discoveries were made earlier this year.
This has helped Guyana. experiencing a period of unprecedented economic growth, with gross domestic product (GDP) growth hitting 43.5% in 2020, even as most of the world’s economies were being rocked by the COVID-19 pandemic.
According to the World Bank, GDP growth in 2018 will surpass 20%. In 2022, it is expected to reach a remarkable 49.7%.
The government’s strong economic performance coincides with efforts to improve the tourist sector. Guaynese president Irfaan Ali spoke at Expo 2020 Dubai about the investment opportunities in the emerging sustainable tourism industry, and highlighted these opportunities during his recent visit.
“Guyana is a destination that boasts an irresistible combination of fascinating and breath-taking natural beauty, blended with a vibrant indigenous culture, rich heritage, and a hospitable and friendly people,” Ali was quoted as saying
Ali was born a few days later. announced that 6,000 Guyanese would be trainedAs part of the cooperation agreement with Barbados, for the hotel sector
Tourist is already an important industry. business opportunities in GuyanaInvestors will find the strength of the economy and the heavy promotion the tourism sector is getting to be very attractive.
While a number of projects for building hotels in Guyana are already ongoing, Walrond’s statements demonstrate that the government is still seeking more.
Guyana’s need to increase tourism and create more hotels is a sign of a vibrant economy. This comes as the country has less dependence on oil and diversification.
Those include gold production and shipbuilding, which provide two of the country’s most important export products. Guyana is also home to large deposits of aluminium and diamonds.
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