Özkan clarifies $25M
investment in Guyana
COLE BAY--Princess Group of Companies President Sudi Özkan says his US $25 million investment in Guyana comprises $15 million for the purchase of Buddy’s International Hotel and $10 million that will go towards the upgrading of the property to a five-star line.
Özkan made this clarification yesterday, Wednesday, after reports from Guyana suggested that the hotel had been sold for $15 million.
Özkan, who had originally indicated in an interview at his Pelican home that the property had been purchased for $25 million, explained Wednesday that while the total investment would be $25 million, $10 million that had not been paid to Buddy’s would be used to set up a casino and to upgrade the hotel.
Buddy’s International Hotel was constructed for the World Cup Cricket last year at a cost of $13 million, the Guyana-based Stabroek News had reported in its Sunday edition.
Özkan said he had inked documents for the purchase last month and within the next three months he intended to invest heavily in the property to bring it up to five- star quality.
Özkan owns about 10 hotel properties around the world, including in Suriname, Belize, Panama, Turkey, Belarus and St. Maarten, under the umbrella of the Princess Group of Companies.
He had said Hilton officials were expected to visit the property soon to conduct an assessment to determine whether the property could carry the Hilton brand. A management team of Turkish and Bulgarian professionals of the Princess Group is already in Guyana to take charge of the operation of the newly-acquired property.
