Summary of Proposed Investment
Project Number
7749
Company Name
BUSINESS TOURISM COMPANY
Date SPI Disclosed
Oct 29, 1996
Country
Jordan
Industry
Tourism, Retail and Property
Status
Completed
Sector
Resort Hotel (Including Lodges)
Department
Regional Industry MAS MCT
Environmental Category
B - Limited
Previous Events
Approved : Mar 28, 1997
Signed : Jan 12, 1998
Invested : Apr 1, 1998
Project Description
Summary Of Project Information (SPI)
| Project Name | Jordan - Dead Sea Marriott Resort |
| Region |
|
| Sector |
|
Project No007749
Projected Board DateDecember 31, 1996
Company NameBusiness Tourism Company (BTC)
Technical Partner and/or Major Shareholders
The hotel will be wholly owned by Business Tourism Company (BTC), a Jordanian tourism development company. BTC’s major shareholders are the Arab International Hotels Co. Ltd., Jordan National Bank Ltd., and Business Bank Co. Ltd.
Project Cost Including proposed IFC investment
The total project cost is estimated at about US$20.0 million. IFC’s investment will amount to about US$5 million: US$4 million A loan and US$1 million C loan.
Location of project and Description of site
The project will be built on a 62,000 square meter leased-land site, on the North Eastern shore of the Dead Sea in Jordan. The site is strategically located at less than an hour’s drive from Amman.
Description of Company and Purpose of Project
The project will consist of building and operating a resort of international standards, which will include: (i) a 230-key hotel; and (ii) a health/medical spa and beauty care facility. The Dead Sea, due to its unique therapeutic characteristics and climate, has established itself as a world-class center for the treatment of various skin and muscular-joint ailments, such as psoriasis and rheumatism. The proposed complex will be managed by Marriott International and will target both health and leisure tourists. IFC will play a major developmental role by helping to diversify tourism activity in Jordan while improving, at the same time, the country’s overall attractiveness as a tourist destination. Tourism has a strong potential in Jordan as a result of its varied archaeological sites and the attractiveness of the Dead Sea. IFC’s proposed investment would help the company complete the project’s financial plan by providing funding on terms and maturities not otherwise available in Jordan. Finally, IFC will ensure that the project meets the World Bank environmental guidelines on water pollution, coastal resources protection and ecological disruption. This is particularly important if the Dead Sea is to establish itself as a well-preserved destination on the Jordanian tourist map.
Environmental Category and Issues
This is an environmental review category B project; principal issues are liquid and solid waste disposal, water supply, recovery of dry cleaning solvents, use of refrigerants, fire safety and emergency response. The sponsor will be presenting plans to address these issues and to comply with applicable governmental and World Bank requirements. Key actions will include measures for waste water treatment, optimization of solvent recovery, use of sprinkler systems and smoke and heat detectors, and employee training including emergency response preparedness.
The is November 20, 1996 from the Public Information Center.
| Date SPI sent to PIC | October 29, 1996 |
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 676-0365
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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