IFC, FMO invest $5.5m in Fairfield Marriot Hotel
Kathmandu, June 20
The International Finance Corporation (IFC) — a private sector investment wing of World Bank Group — has invested $2.75 million in Nepal Hospitality and Hotel Pvt Ltd to develop Fairfield Marriot, a three-star hotel, in Thamel. IFC has also mobilised an equivalent amount from FMO, a Dutch development bank.
The 115-room hotel, which is being financed by IFC and FMO, is operated by international chain Marriot under its Fairfield brand, which is an internationally branded mid-market hotel in the country.
The Fairfield Marriot Hotel will help increase Nepal’s capacity in the mid-market hotel segment, create jobs, and promote energy-efficient hotel design, as per Wendy Werner, country manager of IFC. “Such facilities help stimulate tourism, contribute to foreign exchange earnings, and support the economy.”
This initiative of IFC and FMO will help in building skills of those employed in the sector and contribute to the development of local supply chains, and thereby support significant employment in ancillary industries as well, as per IFC.
International-standard hotels such as the Fairfield Marriot property help emerging markets like Nepal attract business and leisure travellers, as per Gaurav Agrawal, managing director of Nepal Hospitality and Hotel Pvt Ltd. “Investments that support vital economic industries like tourism will send a strong signal to international investors that Nepal is poised for growth and is an attractive destination that continues to cater to travellers’ needs.”
IFC has said it remains committed to promote such development in Nepal as the country and industry recover from the impacts of the 2015 earthquake. IFC’s tourism investments promote development of critical infrastructure in places where there is often a shortage and send a positive signal to other investors.
IFC also pledged to invest in hotels and tourism especially in low-income and fragile conflict-affected countries like Nepal, which contributes in strengthening their economy.