Fairfield-KTM

completed

Nepal Hospitality Group Private Limited (“NHGPL” or the “Company”) is owned by family members associated with the MS Group (the “Group”). The Group is not registered as a company but is only registered as a trademark essentially refers to all companies and identities owned by Mr. Shiv Kumar Agarwal and his family members. The Group is engaged in manufacturing, distributing and marketing of consumer and durable goods, steel manufacturing and fabricating, holds major promoter shareholding in Nepal’s leading commercial banks and insurance companies. In addition, the Group is also a major real estate developer in Nepal with a land bank and a portfolio of residential and commercial buildings, the real estate wing of the MS Group offers purchase, rental and lease facilities. The Group has undertaken to develop two hotel properties in Nepal over the next five years, and has already acquired land parcels in different strategic locations within the Kathmandu valley for this purpose: namely in Thamel and Naxal. Of the proposed two hotel properties, the Group has formed NHGPL, a special purpose vehicle (SPV) to develop the hotel in Thamel, in Kathmandu. The proposed investment is a debt investment in NHGPL for development of this hotel. The hotel is being developed over a plot of 1357 m2. Total built-up area will be 6297 m2 with two basements, ground and nine floors. The hotel will have 110 rooms and will be operated by Marriott under its Fairfield brand (the “Project”). The construction for the project is already under progress. Construction for basement, ground and three floors has been completed. The casting of fourth floor slab is under progress. The structural work is expected to be complete by March 2015, internal and external finishing is expected to be complete by September 2015. The hotel is expected to be operational by December 2015.