International Finance Corporation, the private lending arm of the World Bank Group, is investing in several Asian hospitality projects, including Bangladesh-based Bengal Hotels and Resorts Ltd. and Nepal-based Himalayan Chain Resort.
IFC is reportedly planning to invest up to $18 million in loans and would help secure another $18 million from a development finance institution to fund the construction of a hotel project by Bengal Hotels and Resorts, part of the Bengal Group.
Bengal Hotels is building a property in Dhaka, the capital and largest city of Bangladesh, with a total project cost estimated at $75 million. BHRL is developing a 350-guestroom business hotel property that will be operated by Swissotel Management GMBH under its Swissotel brand.
IFC is also investing $1.7 million in Himalayan Chain Resort as a loan from its own account. HCR is building a hotel along the Gokyo Lakes Trail and Everest Base Camp Trail in the Khumbu/Everest region of Nepal. The total project cost is around $4.7 million, and the project is proposed to be financed with a long-term debt of $1.7 million from IFC and shareholders’ equity of $2.5 million. IFC’s investment will help the company to expand its current chain of three lodges to a total of ten lodges.
HCR operates three lodges along the two trails and also owns land or lodges in eight of the project sites including Phakding, Dingboche, Gokyo, Dole, Machhermo, Namche, Khumjung, and Lebuche.