Original disclosure @ IFC website
Updated in EWS Sep 16, 2019
Disclosed by Bank Apr 11, 2018
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According to IFC website, The Sanctum Inle Resort Co., Ltd., a Myanmar-based company, built, and in January 2016 started operating the Sanctum Inle Resort (the “hotel”), a 97-room 5-star boutique hotel at Inle Lake, which is a major tourist location in Shan State, Myanmar. The hotel has a built floor area of about 135,000 square feet, on a 22.35-acre site, and comprises one, two and three story buildings, including a swimming pool and spa facilities. The back of house includes the kitchen for the restaurant and one for the staff canteen, a laundry and mechanical room, and two staff dormitory buildings. IFC is considering a loan of up to US$6 million to support the project’s ongoing operations and optimize its balance sheet (which does not involve any construction activities as the hotel has been operating since April 2016).
The final Project cost totaled approximately US$20 million and was completed in early 2016. The Project was financed by a mix of bank loans, investor loans, and equity. The proposed investment is an A loan of up to US$6.0 million for IFC's own account.
The Company is privately owned by Ms. Su Su Tin (90%) and her husband, Mr. U Than Too Kyaw (10%). Ms. Su Su Tin is a local entrepreneur in Myanmar who founded and managed a number of successful businesses in Tourism, Hospitality, and Retail industries including Exo Travel Myanmar, Annam Myanmar Group Co., Ltd. She is an active member of various local tourism associations and committees.
The Company has a service agreement in place with Apple Tree Group (Singapore) to receive hotel management services.
Sanctum Inle Resort
Mr. Philippe Arnaud
+959 252 818 800
Nyaung Shwe Township, Shan State, Myanmar
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