By the Caribbean Journal staff

A major new real estate project has launched construction in Guyana.

The $100.9 million USD Pegasus Suites is the largest single investment in the country, the brainchild of Robert Badal, owner of Guyana’s Pegasus Hotel.

The new project, which will be adjacent to the existing Pegasus, will have two towers: a 12-story luxury hotel tower and a seven-story adjacent corporate center.

It will also be green, with LEED Silver status, Badal said.

It will also be the second major hotel project in the country in the last several years, following the debut of the Guyana Marriott, also in the country’s capital, Georgetown.

“I think we need investment in Guyana, as a government, we have been encouraging our local businesses to invest, and we have been trying to attract foreign investment into Guyana. This is a show of confidence by a local investor, and we’d like this to be an example to other local investors,” said Guyana Business Minister Dominic Gaskin.

It’s a huge boost for Guyana, which has been slowly looking to increase its tourism footprint.

Guyanese officials have set a goal of at least 500,000 stayover visitors by 2025.

— CJ