Summary of Proposed Investment
Project Number
7922
Company Name
Grands Hotels de Madagascar
Date SPI Disclosed
Nov 20, 1996
Country
Madagascar
Industry
Tourism, Retail and Property
Status
Completed
Sector
City and Business Hotel
Department
Regional Industry - MAS Africa
Environmental Category
B - Limited
Previous Events
Approved : Mar 27, 1997
Signed : Sep 12, 1997
Invested : Jan 21, 1998
Project Description
Summary of Project Information (SPI)
Country/Project Name: MADAGASCAR - Grands Hôtels de Madagascar
Region: Sub-Saharan Africa
Sector: Hotels and Tourism
Project No.: 7922
Projected Board Date: December 20, 1996
Company Name: Grands Hôtels de Madagascar
Technical Partner and/or Major Shareholder: The technical partner is Protea Hotels and Inns (Pty) Ltd. The project is sponsored by Société des Grands Hôtels de Madagascar (GHM), a company created in 1994 and owned by three businessmen. Mr. Serge Besson is a Malagasy national of French origin and has a 51% interest in the company. His brother, Gilles Besson, holds a double Malagasy and French nationality and has a 14% interest. Mr. Michel Louvet is a French national who has 35% interest.
Project Cost Including Proposed IFC Investment: US$2.7 million equivalent, including a proposed IFC A loan of US$1 million.
Location of Project and Description of Site: The project is located in Faravohitra, in the city centre of Antananarivo, Madagascar.
Description of Company and Purpose of Project: The project is to develop a 43-room three-star hotel in Antananarivo. The hotel will include a 100-seat restaurant, cocktail bar and boulevard cafe, and a small conference room. The hotel will help generate incremental foreign exchange; create employment; and increase hotel capacity in Madagascar, thus lessening constraints to tourism development.
Environmental Category and Issues: This is an environmental review category B project. Environmental and occupational health and safety issues include liquid and solid waste disposal, power and water supply, CFCs, housekeeping and hygiene, general safety training, earthquake and fire protection. The sponsor will comply with applicable World Bank guidelines.
The Environmental Review Summary is expected to be available on or about December 2, 1996 from the Public Information Centre.
Date SPI sent to PIC: November 20, 1996
For additional information contact: Corporate Relations Unit - telephone: (202) 473-7711 - facsimile: (202) 676-2365.
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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