Good Karma Hospitality Pvt. Ltd.

pending

 Good Karma Group of Companies Private Limited (the “Parent Company” or “Karma Residence”) is engaged in the construction and development of a greenfield apartment complex (“Building Complex”) in Maharajgunj area of Kathmandu, Nepal, totaling 186 apartments, of which 56 serviced apartments will be operated by Marriott International (“Marriott” or “Operator”), and the balance 130 apartments (“Private apartments”) will be sold to the general public (https://www.karma-residences.com/). The 56 serviced apartments (the “Project”, “Serviced Apartment”) will be owned by the Sponsors under a 100% subsidiary of the Company named as Good Karma Hospitality Pvt. Ltd. (“Borrowing Company” or “Company”). The private apartments will have amenities including club house with swimming pool, gym -sauna, changing rooms, community hall and parking spaces. The proposed IFC investment, as A loan, will be exclusively used for the construction and development of the 56 Serviced Apartments and not for the other 130 Private apartments for sale.  The building complex (including private and serviced apartments) will be developed on a freehold ~1.4 acres of private land (around 5,644m2), previously owned by the sponsor family and was used for running a school, which was shifted somewhere else after the school building was damaged during 2015 earthquake. The construction was started in August 2022 and the private apartments are expected to be commissioned in 2026, while service apartments are expected to be operational by 2027.