Makedonija Turist A.D. Grand Hotel

completed

Summary Of Project Information (SPI)Project NameMacedonia-Makedonija Turist A.D.: Grand Hotel    RegionEuropeSectorProject No007782Projected Board DateJune 19, 1997Company NameMakedonija Turist A.D.Technical Partner and/or Major Shareholders To be determined.Project Cost Including proposed IFC investment US$10.0 million including a senior loan of up to US$5.0 million equivalent for IFC’s own account.Location of project and Description of site The project will be located in downtown Skopje. The hotel location is excellent, with good access roads and ajdacent to the river Vardar. Makedonija Turist A.D. is one of the ten largest private sector companies in Macedonia. In addition to the Grand Hotel, the company owns and operates nine other smaller hotels in Skopje. The existing Grand Hotel is an eleven-story building and has 169 rooms. Description of Company and Purpose of Project The project is a US$10.0 million refurbishment of the existing Grand Hotel. Macedonia currently has no hotels that meet high international standards. The objective of the project is to modernize the existing Grand Hotel to a high level of international standard (around four-star) in terms of management, service and quality of rooms and facilities. The hotel will benefit from a management training and supervisory program to be provided by an established foreign hotel operator, yet to be determined.Environmental Category and Issues This is a category B project according to IFC’s environmental review procedure. Environmental issues include air emissions, liquid effluents, and solid waste disposal. The Company has agreed to undertake an environmental and health and safety program and to comply with World Bank guidelines as part of the project.The is May 15, 1997 from the Public Information Center.Date SPI sent to PIC      May 13, 1997For Additional Information contact: Corporate Relations Unit -telephone: (202) 473-7711facsimile: (202) 676-0365Environmental documents for this project are available at http://www.ifc.org and from the World Bank InfoShop (http://www.worldbank.org/html/pic/aboutinfo.html).