The Project consists of a greenfield development of a full-service midscale hotel in Talatona, a fast-growing suburb of Luanda Sul, Angola (the “Project”). The Project encompasses
The Project will be managed by Hilton Worldwide Manage Limited and will be branded as a Hilton Garden Inn hotel.
The Project is being built as part of Inara Business Park, a two-phase mixed-use property development in Talatona, Luanda Sul, Angola, comprised of two office buildings to be owned by Standard Bank and Saham Insurance, the hotel Project, and serviced apartments.
Employment Impact: during its construction, the Project will provide an average of 350 direct jobs, and during its operations, the Project will create and sustain 123 full time direct jobs, of which 30% will be for women. Through demonstration effects and by catalyzing further developments in the area, the Project is expected to promote the development of business infrastructure in Angola. IFC anticipates that the Project will result in a significant increase in competition that will benefit the Angolan market by expanding hotel accommodation product offerings to include high quality mid-scale business hotels.
The total Project cost is estimated at US$50 million (including US$4.5 million of interest during the construction and pre-operating phase), and will be funded with a combination of equity from the Sponsor, and debt. IFC will provide a Senior Loan (A-Loan) of up to US$10 million and will mobilize up to US$7.5 million from a Parallel Lender. The proposed IFC financing will be structured as a senior secured loan and will have a tenor of up to 11 years.
The Project will be developed and owned by Alianca Global Hotel Property – Hotelaria LDA (“Hotelaria” or the “Company”), a joint venture between Imocasais Angola – Promocao LDA, and FAN Empreendimentos LDA (together, the “Sponsors”).
Imocasais Angola – Promocao LDA is the Angolan real estate subsidiary of Casais Group, one of the largest construction companies in Portugal with a vast experience and strong track in the construction sector in Angola and other countries.
FAN Empreendimentos LDA is jointly owned by Mr. Farid Rahemani and Mr. Aziz Rahemani, two well-known and reputable self-made entrepreneurs in Angola, who have established and managed several businesses in Angola including one of the largest retailers in Angola and a well-established pharmaceutical distributor in the country.
Alianca Global Hotel Property – Hotelaria, Lda
Angola, Luanda, Municipality and District of Talatona, MAT Street, Cond. Cuchi, House E03
ACCOUNTABILITY MECHANISM OF IFC
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