Summary of Proposed Investment
Project Number
10055
Company Name
Indian Ocean Hotel Limited
Date SPI Disclosed
Feb 24, 2000
Country
Tanzania
Industry
Tourism, Retail and Property
Status
Completed
Sector
City and Business Hotel
Department
Regional Industry - MAS Africa
Environmental Category
B - Limited
Previous Events
Approved : Apr 14, 2000
Signed : May 29, 2000
Invested : Jul 24, 2000
Project Description
Summary Of Project Information (SPI)
| Project Name | Tanzania - Indian Ocean Hotel |
RegionSub-Saharan Africa
Sector
Project No010055
Projected Board DateMarch 25, 2000
Company NameIndian Ocean Hotels Limited
Technical Partner and/or Major Shareholders
The developer and equity investor is Indian Ocean Hotel Limited, which is 100%-owned by the Ladwa family. Indian Ocean Hotel will be run under a management contract with Golden Tulip worldwide, a Netherlands-based hotel group that operates about 400 hotels.
Project Cost Including proposed IFC investment
The total project cost is estimated at US$7.5 million. The proposed IFC investment is US$2.5 million
Location of project and Description of site
The project is located on the coast, eight kilometers north of Dar es Salaam city centre on the Msanani Peninsula. The site is located along a 10 meter high cliff above coastal reef flats. There is no natural beach.
Description of Company and Purpose of Project
The proposed 100-room high quality hotel is to cater for both tourist and business demands. Facilities will include a banquet hall with a seating capacity of 200; a conference hall with seating capacity of 150; catering facilities supported by a comprehensive kitchen; a large foyer with a lounge and bar; a full-size swimming pool and a shopping centre comprising of 6 shops. IFC''s role will be to provide long-term financing which is not readily available in Tanzania. The project will (i) provide additional infrastructure in support of tourism and the private sector; (ii) create employment for 150 people; (ii) create a market for downstream agricultural produce from the local community; and (iv) earn approximately US$2.0 million of foreign exchange each year.
Environmental Category and Issues
This is a category B project according to IFC''s Environmental and Social Review Procedure. Key issues associated with this project include: land acquisition; coastal impacts; sewage treatment; solid waste disposal; water and power supply; fuel storage; fire safety; and employee safety and training. As with all hotel projects the sponsor will be required to complete an independent fire safety audit.
The is available from the InfoShop.
| Host country location of environmental documents | The local municipal office on Kawawa Road, Kinondoni District, Dar es Salaam. |
Date SPI sent to InfoShop February 24, 2000
“This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporation’s Board of Directors. It is provided for the purpose of enhancing the transparency of IFC’s activities and should not be construed as presuming the outcome of IFC Board consideration.”
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 974-4384
Environmental documents for this project are available at http://www.ifc.org and from the World Bank InfoShop (http://www.worldbank.org/html/pic/aboutinfo.html).
Sponsor / Cost / Location
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