Melwa Hotels (IFC-40337)

Countries
  • Sri Lanka
Where the impacts of the investment may be experienced.
Specific Location
Negombo, Yala and Kosgoda
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
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.
Voting Date
Jan 31, 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
MELWA HOTELS AND RESORTS PRIVATE LIMITED
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)
$ 27.00 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)
$ 78.00 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 Dec 15, 2017

Disclosed by Bank Dec 1, 2017


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Project Description
The proposed transaction is an A loan in Melwa Hotels and Resorts Private Limited (MHRPL or the Company). MHRPL has undertaken to develop three resort hotels Sri Lanka. These are a 96 room hotel in Negombo, a 42 room hotel in Yala and a 196 room hotel in Kosgoda (the Project), to be operated by Hilton Worldwide Manage Limited (the Operator). IFC will invest up to US$27 million in long term debt. The proceeds of the IFC loan will be used to fund the construction of the hotels.
Investment Description
  • International Finance Corporation (IFC)
Private Actors
Contact Information
Melwa Hotels and Resorts Private Limited Mr. P. Muruganandhan Director +94 11 2473 905 muruga@melwire.com 30, 2/7 Abdul Jabbar Mawatha, Colombo 12, Sri Lanka 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/