FCS Sanctum (IFC-39505)

Countries
  • Myanmar
Where the impacts of the investment may be experienced.
Specific Location
Inle Lake, Shan State
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
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
Active
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.
Voting Date
Jul 18, 2018
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
SANCTUM INLE RESORT CO., LTD.
The holder of the loan, grant, or other investment.
Sectors
  • Construction
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)
$ 6.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Loan Amount (USD)
$ 6.00 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)
$ 20.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Mar 27, 2019

Disclosed by Bank Apr 11, 2018


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Project Description

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).

Investment Description
  • International Finance Corporation (IFC)

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. 

Private Actors

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. 

Contact Information

Sanctum Inle Resort
Mr. Philippe Arnaud
General Manager
+959 252 818 800
gm@sanctum-inle-resort.com
Nyaung Shwe Township, Shan State, Myanmar
http://sanctum-inle-resort.com

 

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/