Ananta Mixed Use

pending

Ananta Hotel and Resorts Limited (“AHRL” or the “Company”) has undertaken to develop: (a)   An upscale business hotel (referred to as the “hotel”): the hotel will have 330 keys (300 rooms) with a built-up area of about 40,000 m2 over ground, two basements and 14 floors. The hotel will have typical facilities of a top of the line hotel including multiple food and beverage outlets, swimming pool, spa and banqueting operations. The construction of the hotel is expected to commence in July 2019 and the hotel is expected to be fully operational in July 2023. (b)   A branded residential tower (referred to as the “residences”): the residential tower will have 71 high-end 3-4 bedroom apartments) with a built-up area of about 37,000 m2 over ground, two basements, ground +2 floor podium with amenities and 15 floors. The construction of the residences is expected to commence at the same time as the hotel in July 2019 and the apartments are expected to be sold by December 2024. (c)   A commercial building: the building will have three basements, ground + 2 floors podium with showrooms for luxury brands, art gallery, lifestyle retail and food and beverages (F&B) spaces etc. and 15 office floors.  This building is being financed by other sources and is not considered a part of the IFC Project but will be an asset owned by the company. The hotel and the residences ((a) & (b) above) will be considered as the IFC “Project” and both will be operated and managed by Marriott International Inc. under its “Marriott Hotel and Residences” brand.  The land for the entire development – a 5.54 acre (22,419 m2) plot was purchased under a commercial transaction by the company on Madani Avenue (in Dhaka) in December 2015 from another private owner. The land will be transferred to the company in due course. Currently, the project master plan and preliminary designs have been developed and detailed design is still in progress. The company plans to also appoint a project management company (PMC), which will be responsible for overall project management on behalf of the company. The sponsors of AHRL are also the majority owners and sponsors of Ananta Apparels Limited (AAL), one of the leading manufacturers and exporters of ready-made garments in Bangladesh and one of IFC’s portfolio client (projects#32376, #39379). AAL’s E&S performance has been satisfactory. The proposed investment is a senior loan of up to US$33.75 million in AHRL for the project.