CONRAD Modernization -- conference center/room renovation

completed

The Conrad Hotel plans to implement a US$8.8 million investment program which includes a conference center and a room/accommodation refurbishment program. The project is to improve the hotel''s competitive position for business conferences, a fast growing segment of the tourism business for which the Conrad Hotel is not equipped. The project will not increase the 667 room-capacity of the hotel, and the conference center will be built on space previously occupied by a casino and shopping area. The proposed investment is expected: (i) to improve Conrad’s competitive position for conferences, (ii) to use free space previously occupied by a casino (closed in 1998) and shopping area, and (iii) to provide higher margin and occupancy rate. IFC made its first investment in the Conrad Hotel Istanbul in 1989.