The International Finance Corporation (IFC) and FMO (a Dutch development bank) together have invested $5.5 million to develop Fairfield Marriott in Thamel, at the heart of the city of Kathmandu. IFC and FMO will be splitting their investment ($2.75 million each) into the company called Nepal Hospitality and Hotel Pvt Ltd. which will be operating the three-star mid market hotel with 115-room.
According to FMO’s press release, the hotel will create around 80 new direct jobs while building strong linkages to the local economy by locally sourcing products and services and by creating a positive impact on local activities such as restaurants, transportation and tours.
See our earlier insight on this by clicking here.
Nepal Hospitality and Hotel Pvt. Ltd is a subsidiary of MS group, a leading conglomerate business house in Nepal. The conglomerate’s other interests include construction, mills, agribusiness, real estate etc. Some of its companies include: Reliance Spinning Mills Ltd.| Bhagwati Confectionery Pvt. Ltd.
Dhanalaxmi Synthetic Ltd. | Everest Sugar & Chemical Industries Pvt. Ltd. | Oriental Construction and Development Company Pvt. Ltd. | Koshi Plastic Udyog Pvt. Ltd. | Bhagwati Steel Industries Pvt. Ltd. | Pashupati Farms Pvt. Ltd. | Bhagwati Rolling Mills Pvt. Ltd. | M/s Sunrise Developers P. Ltd. | Bhagwati Soap Industries Pvt. Ltd. | SKF Dealership | Bhagwati Carbide Industries
About Marriott International
Marriott International, Inc. (NASDAQ: MAR) is the world’s largest hotel company based in Bethesda, Maryland, USA, with more than 6,100 properties in 124 countries and territories. Marriott operates and franchises hotels and licenses vacation ownership resorts.
The Netherlands Development Finance Company (FMO) is a bilateral private-sector development bank based in the Hague, the Netherlands. It is licensed as a bank, under the supervision of the Dutch Central Bank.
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector in developing countries.