Ibis Mongolia

completed

Founded by Mr. Battogoo Choidon (the “sponsor”) in 2005, Mongol Micron Cashmere LLC (“MMC”), through its wholly owned subsidiary MMC Polaris LLC (“MMC Polaris” or the “company”), is building a 123-room hotel (the “project”) in Ulaanbaatar, Mongolia’s capital city. The proposed hotel will be operated by Accor Hotels (“Accor”), an internationally renowned hotelier, under its “Ibis Styles” brand. The project is located in the southwestern part of the city, in close proximity to Mongolia’s biggest expo center – a part of Ulaanbaatar city, where the government is promoting redevelopment of the industrial zone into a new commercial and residential zone, which currently has no quality hotel accommodation and lacks quality retail and food and beverage (F&B) outlets. The project property is a 12-story building with gross floor area of 17,446 sqm consisting of (i) a 123-room “Ibis” branded hotel with associated F&B outlets and meeting rooms; (ii) 4 stories of retail space with leasable area of 5,500 sqm; and (iii) about 200 parking lots – both underground and outdoors. At the time of this review (September - October 2015), civil construction was complete and internal fit out and landscaping work was ongoing for the expect commencement of retail operation during the first quarter of 2016, and the hotel opening slated for the second quarter.IFC is considering to provide up to US$6.5 million of long-term senior loan to support the Project.