Death of Ramy El Batrawi Raises Questions on Sale of Guyana Marriott Hotel

Death of Ramy El Batrawi Raises Questions on Sale of Guyana Marriott Hotel

Death of Ramy El Batrawi Raises Questions on Sale of Guyana Marriott Hotel

The sudden demise of Egyptian-born American billionaire, Ramy El-Batrawi, has cast a shadow over the sale of the Guyana Marriott Hotel, a state-owned property. El-Batrawi, who had twice submitted leading bids to purchase the hotel under his company, passed away unexpectedly, leaving the status of the pending sale uncertain.

El-Batrawi was reportedly in the final stages of negotiating the purchase of the hotel and had expressed frustration over the prolonged process, urging the Guyana Government to expedite the transaction. As the majority owner of the hotel, the government’s involvement in the sale process is crucial.

In response to El-Batrawi’s death, Vice President Bharrat Jagdeo stated that the government is not in a rush to finalize the sale of the Guyana Marriott Hotel. The fate of the purchase remains unclear, as it is uncertain whether El-Batrawi’s company will proceed with the acquisition.

Jagdeo indicated that if El-Batrawi’s company does not proceed with the purchase, consideration may be given to the second highest bidder. However, he emphasized that there is no urgency to conclude the sale, and the government may even choose to retain ownership of the hotel.

The sale of the Guyana Marriott Hotel has faced challenges from the outset. In late 2023, El-Batrawi’s bid of US$90 million was accepted by the National Industrial and Commercial Investments Limited (NICIL) as the winning bid. However, the government rejected all bids submitted in the first round of bidding, leading to a second round with a revised base price.

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El-Batrawi’s unexpected passing has added complexity to an already contentious sale process, leaving the future ownership of the Guyana Marriott Hotel uncertain.

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