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…taxpayers to get not one cent for its US$40M invested …Hotel losing $100M monthly-Robert BadalThe US$56M taxpayer-funded Marriott Hotel is chalking up close to $100M per month in operating losses when accrued interest payments and depreciation is taken into account. Furthermore taxpayers will receive not one cent for their almost US$40M invested in the project that was promoted by the ousted Bharrat Jagdeo led regime.This is the position of Chief Executive Officer (CEO) of the Pegasus Hotel, Robert Badal, who contends that the situation is becoming even direr with each day that passes.Badal—one of Guyana’s leading businessmen—is of the opinion that Republic Bank, the institution which plugged a US$15.25M loan into the project, is in fact the current de facto owners of the largely taxpayer-funded project. Badal has since warned that even as “the new Government awaits the receipt of a forensic audit to determine the future of the hotel, Republic Bank,Buy Cheap Nike Air Max Shoes, which has a mortgage on the property for the US$15.25 loan, is accumulating interest income with every passing day.”According to Badal, “(with) every day that passes, taxpayers equity in the hotel is eroded by Republic Bank’s interest on loans extended.” He tabulated that this amounts to in excess of $25M per month.  “In other words, Republic Bank with its US$15.25M in loans plus accrued interest accumulated during the construction phase,Cheap Stitched NFL Jerseys, and to date is the de facto owner of this property.” The businessman has since opined that “it is uncertain what the senior management of the bank considered in approving this loan, given all the information in the public domain and how it would explain the impending default to its shareholders both local and in neighbouring Trinidad.”Pegasus owner, Robert BadalBadal suggests, “In the end the Bank would have to write off these accrued interest payments, as, under no circumstance, would any investor pay more than the US$15.25M in loan extended because the Hotel is not covering its operating expenses.”Kaieteur News recently reported that Atlantic Hotel Inc. (AHI), the Special Purpose Company established to build and own the Marriott Hotel, in Kingston, Georgetown, is in fact in danger of defaulting on its payments to Republic Bank.Badal’s financial observations also come on the heels of recently appointed Chairman of the Board of Directors,Cheap NFL Jerseys China, Beverly Harper, insisting the Hotel is currently turning a profit. She was unable to substantiate this with any facts or figures.Badal recalled that over the past five years a lot of criticisms have been directed at the Marriott Hotel by the wider public. “Among these were the lack of transparency,Nike Air Max Shoes For Men, closed door deals with Marriott International Hotels and a ghost investor, lack of financial and economic feasibility,Wholesale China Jerseys, no parliamentary approval, waste of taxpayers’ resources, no Guyanese workers in its labour force during construction.”According to Badal,NFL Jerseys Outlet, “I had contended that Government’s entry into the hotel business using taxpayers’ resources was an indecent assault on the local private sector and that the over supply of rooms relative to demand, would cripple the local hotel industry resulting in lower Government revenue…“I had also predicted that the Marriott Hotel would not cover its energy cost nor accrued interest payments and that the real intention of the powers behind it was to fleece taxpayers.”He noted that despite strong objections and protests from both the Alliance For Change (AFC) and A Partnership for National Unity (APNU),Jean-Sebastien Giguere, while in political opposition, both Marriott International and Republic Bank entered the deal for the construction and operation of the Hotel. According to Badal, the deception was foisted on the nation by the former (Bharrat) Jagdeo administration, NICIL’s Board of Directors and Winston Brassington, “who together, promised a five star, luxury flag carrier hotel employing 500 persons but instead, delivered a grand deception of the Guyanese taxpayers.”“Equally contributing to this deception were prominent members of the local private sector bodies who would spare no time in dancing to the tune of a corrupt regime.”According to Badal, “Now that the hotel has opened and begging for business those supporters are not seen around it…In that event the poor Guyanese taxpayers would receive not one cent in return for the more than US$40M invested in this Grand Deception.”