Bengal Hotel

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Bengal Hotels and Resorts Limited (BHRL or the Company) is a group company of the Bengal Group (the Group), a well-established, 46 year old, family-owned business house.  The Group comprises of six separate legal entities engaged primarily in the production and sale of household plastic products, garments accessories, food & agro products, flexible packaging and a media company.  BHRL has purchased a  2,860   m 2  plot of land and is developing a greenfield  350 room business hotel on the Gulshan–Tejgaon link road in Dhaka, Bangladesh (the Project). The Company has commissioned a lead project management consultant and general contractor (PMC). The detailed design of the hotel is under progress. The hotel will have two basements and 25 floors with a built-up area of approximately 37,000 m 2 .  As one of the conditions of its clearance from the local regulatory approval body ( Rajuk ), the Company has given 483  m 2  of land, adjacent to the hotel property, for development of a multistoried (10 stories) parking facility by the local regulatory approval body.Two floors of this parking facility for exclusive use for hotel guests under a lease agreement, renewable every five years.  The hotel will be operated under the Swissotel brand, owned earlier by FRHI Holdings Ltd. (also the parent of Fairmont and Raffles brands) and acquired in December 2015 by AccorHotels (Accor).  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 for 600 guests. The construction of the hotel is expected to commence in January 2018 and the hotel is expected to be fully operational in July 2020.The proposed investment is a debt investment of up to US$  18 million in BHRL for development of this hotel. Also, a parallel loan of the same amount will be mobilized by IFC with another development finance institution (DFI).