PROJECT

Projects

Environmental Review Summary

Project Number

11245

Company Name

YEDI TEPE BEYNELMILEL OTELCILIK TURIZM VE TICARET ANONIM SIRKETI

Date ERS Disclosed

Apr 2, 2002

Country

Turkiye

Region

Central Asia and Turkiye

Environmental Category

B - Limited

Status

Completed

Previous Events

Approved : May 23, 2002
Signed : Jun 13, 2002
Invested : Jul 31, 2002

Sector

City and Business Hotel

Industry

other

Department

Gbl Ind, Manufact, Agribus & Services

Project Description

The Conrad Hotel plans to implement a US$8.8 million investment program which includes a conference center and a room/accommodation refurbishment program. The project is to improve the hotel''s competitive position for business conferences, a fast growing segment of the tourism business for which the Conrad Hotel is not equipped. The project will not increase the 667 room-capacity of the hotel, and the conference center will be built on space previously occupied by a casino and shopping area. The proposed investment is expected: (i) to improve Conrad’s competitive position for conferences, (ii) to use free space previously occupied by a casino (closed in 1998) and shopping area, and (iii) to provide higher margin and occupancy rate. IFC made its first investment in the Conrad Hotel Istanbul in 1989.

Environmental and Social

Conclusion & Monitoring