Emprendimientos Hoteleros SAECA

in implementation

Project Description: The Sheraton project consists of the construction and development of the first international hotel chain in Asuncion. The hotel will consist of a 10-story building, with capacity for 125 rooms and all the correspondent amenities and facilities for business travelers and tourists, including a business center and a convention center with capacity for up to 900 persons. The project sponsors have signed a license and management agreement with Sheraton Overseas Management Corporation ("SOMC") to operate the Hotel under the "Sheraton" flag. Project implementation will begin by September 2001 and it is expected that the Four Point Asuncion by Sheraton will open in January 2003.IIC's role in the proposed transaction is important for the following reasons:It will attract international firms to Paraguay, as Asuncion has no hotels managed by international hotel chainsIt will improve Asuncion's business infrastructure through the new convention center.The project will have a positive social and economic impact from various perspectives. It will create 90 direct jobs and 270 indirect jobs, and it will improve the quality of hotel services and hotel management skills.