Summary of Proposed Investment
Project Number
8208
Company Name
Société Hôtelière de la Lagune
Date SPI Disclosed
May 15, 1997
Country
Cote D'Ivoire
Industry
Tourism, Retail and Property
Status
Completed
Sector
City and Business Hotel
Department
Regional Industry - MAS Africa
Environmental Category
B - Limited
Previous Events
Approved : Jun 30, 1997
Signed : Jun 27, 2000
Invested : Feb 26, 2002
Project Description
Summary Of Project Information (SPI)
| Project Name | Cote d’Ivoire-Société Hôtelière de la Lagune (SHL) |
| Region | Sub-Saharan Africa |
| Sector |
Projected Board DateJune 17, 1997
Company NameSociété Hôtelière de la Lagune
Technical Partner and/or Major Shareholders
The majority shareholder will be Accor Afrique SA, a fully-owned subsidiary of Accor SA, the world leader in budget class hotels.
Other shareholders will be IFC, Proparco, Government of Cote d’Ivoire, and a consortium of local banks and insurance companies.
Project Cost Including proposed IFC investment
US$9 million equivalent. IFC’s proposed investment will consist of equity and loan amounting up to US$3.2 million equivalent.
Location of project and Description of site
The project will be located in downtown Abidjan in Cote d’Ivoire. It will consist in the privatization and renovation of a 10-story, 280-room hotel. The renovation will consist in the upgrading and reconfiguration into a smaller 150-room hotel and 31 serviced apartments varying in size from one bedroom to 3 bedrooms.
Description of Company and Purpose of Project
The Company will operate the premises under a 15 year lease from the Government. The hotel will be commercialized by Accor Afrique SA under the Novotel brand name. The project is consistent with the Bank strategy for Cote d’Ivoire. It is among the first tangible efforts towards the privatization of government-owned hotels. The upgrading of facilities is likely to foster longer stays for travelers contributing therefore to the development of tourism and business activity. It will also preserve 94 jobs already in existence. As a foreign exchange earner, the project will contribute to the balance of payments improvement.
Environmental Category and Issues
This a category B project according to IFC’s environmental review procedure because specific impacts may result which can be avoided or mitigated by adhering to generally recognized performance standards, guidelines, or design criteria. The following potential health and safety impacts of the project were analyzed: (a) water resources and power supply, (b) sewerage treatment and disposal, (c) waste/garbage management and disposal, (d) employee training, (e) emergency response preparedness and fire protection, and (f) regular safety inspection. The sponsor has presented relevant information which address all the these issues, mainly for the fire prevention and life safety. IFC will ensure ongoing compliance with World Bank environmental, health and safety monitoring reports submitted annually to IFC by SHL and by conducting periodic supervision.
The is May 15, 1997 from the Public Information Center.
| Date SPI sent to PIC | May 15, 1997 |
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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