Summary of Proposed Investment
Project Number
7782
Company Name
Makedonijaturist A.D.
Date SPI Disclosed
May 13, 1997
Country
North Macedonia
Industry
Tourism, Retail and Property
Status
Completed
Sector
City and Business Hotel
Department
Regional Industry MAS LAC & EUR
Environmental Category
B - Limited
Previous Events
Approved : Jun 19, 1997
Signed : Dec 10, 1998
Invested : Feb 16, 1999
Project Description
Summary Of Project Information (SPI)
| Project Name | Macedonia-Makedonija Turist A.D.: Grand Hotel |
| Region | Europe |
| Sector |
Projected Board DateJune 19, 1997
Company NameMakedonija Turist A.D.
Technical Partner and/or Major Shareholders
To be determined.
Project Cost Including proposed IFC investment
US$10.0 million including a senior loan of up to US$5.0 million equivalent for IFC’s own account.
Location of project and Description of site
The project will be located in downtown Skopje. The hotel location is excellent, with good access roads and ajdacent to the river Vardar. Makedonija Turist A.D. is one of the ten largest private sector companies in Macedonia. In addition to the Grand Hotel, the company owns and operates nine other smaller hotels in Skopje. The existing Grand Hotel is an eleven-story building and has 169 rooms.
Description of Company and Purpose of Project
The project is a US$10.0 million refurbishment of the existing Grand Hotel. Macedonia currently has no hotels that meet high international standards. The objective of the project is to modernize the existing Grand Hotel to a high level of international standard (around four-star) in terms of management, service and quality of rooms and facilities. The hotel will benefit from a management training and supervisory program to be provided by an established foreign hotel operator, yet to be determined.
Environmental Category and Issues
This is a category B project according to IFC’s environmental review procedure. Environmental issues include air emissions, liquid effluents, and solid waste disposal. The Company has agreed to undertake an environmental and health and safety program and to comply with World Bank guidelines as part of the project.
The is May 15, 1997 from the Public Information Center.
| Date SPI sent to PIC | May 13, 1997 |
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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