The 20-acre project features hospitality, retail and office space to meet the growing infrastructure demands of a newly established Stabroek production hub
NEW YORK, NY — February 18, 2020 — ERES Capital LLC, the full-service investment and development division of Energy Real Estate Solutions LLC (ERES), has announced its latest active project, a mixed-use master planned development located in the heart of Stabroek oil and gas production activity in Georgetown, Guyana. The firm will be developing the project with local Guyanese JV partner Caribbean Marketing Enterprise, Inc. (CMEI).
Situated at Ogle Airport (Eugene F. Correia International Airport) near the forthcoming Exxon Regional Headquarters the new development project totals 20-acres and features hospitality, retail and office space, and other associated uses.
The hospitality development portion will consist of two select-service hotels, ranging from 100 to 140 rooms, branded under internationally recognized flags. ERES Capital and CMEI are still working with several quality international hotel brands to determine the best fit for this important project.
To best service infrastructure demands of the growing Georgetown market, the mixed-use development will also feature build-to-suit retail and office space.
Guyana’s oil and gas sector, generated by the massive Stabroek Block, commenced production in 2019 and has already drawn hundreds of millions in capital investment from the world’s largest oil players. Production is expected to reach 300,000 barrels per day by 2023 and 750,000 barrels per day by 2025 based on current discoveries.
Due to its proximity and coastline location, Georgetown has become the main hub for all Stabroek offshore operations. As oil exploration continues to expand, shore base amenities and supporting real estate have become a necessity creating an exciting and dynamic opportunity for commercial development projects.
“We’ve identified a strong and immediate need in a burgeoning market and are excited to participate in this opportunity alongside CMEI,” says ERES Capital CEO Mike Elliott. “As Stabroek activity continues to swell, bringing unprecedented opportunities to the Guyanese economy, development projects like this are a necessity to ensure sustained market growth and expansion. By providing quality hospitality options and servicing the real estate needs of oil and gas service providers and support businesses, we can assist in solidifying Georgetown’s economic future.”
With over 120 years’ combined experience doing business in the Caribbean and tertiary markets, ERES Capital team members possess the unique skill set, strong network, and proven track record necessary to successfully identify, acquire, develop and invest in opportunistic markets.
For more information on ERES Capital and upcoming projects, contact Mike Elliott at + 1 (701) 713-6606 or firstname.lastname@example.org.
ABOUT ERES CAPITAL
ERES Capital, the investment and development division of Energy Real Estate Solutions (ERES), is a full-service investment platform catering to both domestic and international markets. Located in New York City, the group has a strong focus on opportunistic secondary and tertiary markets and typically seeks unique, off-market opportunities across hospitality, healthcare, industrial and education verticals that can earn above average returns for investors. For more information, visit www.EREScapital.com.
Energy Real Estate Solutions (ERES) is a full-service commercial real estate firm focused on helping energy companies and investors maximize their real estate portfolios. ERES provides brokerage, investment, development, project management, property and asset management, workforce housing, and consulting services in and around the world’s most active energy and opportunistic markets. The firm currently operates out of seven offices located in Denver, CO (Headquarters), Fort Worth, TX, Houston, TX, Midland, TX, New York, NY, Williston, ND, and Neuquén, Argentina. For more information, visit www.energyreco.com.
CEO, ERES Capital
+1 701 713 6606