The Resort Group Praia (IFC-36512)

Countries
  • Cape Verde
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Borrower
THE RESORT GROUP PRAIA
The holder of the loan, grant, or other investment.
Sectors
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 12.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 47.80 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Sep 23, 2017

Disclosed by Bank Apr 14, 2017


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Project Description
This is a proposed €11.15 million senior loan to support the recently created TRG Praia S.A. (the “Borrower” or the “Company”), a 100%-subsidiary of The Resort Group plc (“TRG” or the “Group”). The project consists in the development in Praia, the capital city, of a 201-room upscale business hotel with restaurants and meeting/event facilities to be operated by Hilton through a management agreement signed in 2014. Total project cost is estimated at €44.6 million. Situated on a 4,326 sq.m land, the site has been acquired in 2014 from the Praia City Council on a willing buyer willing seller basis. The site downtown Praia used to house the campus of the University of Cape Verde which has been relocated to a more adequate site with a secure land tenure following an agreement signed between TRG, the University of Cape Verde, and Praia City Council in 2015. At the time of appraisal, construction works (expected duration of 24 months) had not commenced. Hotel opening is expected in the course of 2019.
Investment Description
  • International Finance Corporation (IFC)
Contact Information
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