SEF Villa Apsara Hotel

completed

The proposed project consists of the renovation and operation of the Villa Apsara Hotel in Siem Reap, Cambodia, as a 12 room, boutique hotel called the Aman Princiere Resort. The project will be the thirteenth Amanresorts operated property. The sponsor expects the project to commence full operation in the first quarter of 2003.For projects in frontier countries such as Cambodia, access to US dollar long-term financing is difficult. Local banks have been unable to offer an adequate financing package for this venture, and international banks are wary of taking risk in Cambodia. Thus, the sponsor has approached IFC to obtain the necessary long-term financing, with a view to partner with the Corporation in future projects in other frontier markets.The project will have a significant developmental impact on Siem Reap as a tourist destination. The entry of a high end player, such as Amanresort, into Cambodia will provide the country positive publicity amongst potential visitors and tour operators. This will contribute to hasten the growth of the local tourism industry which supports the local economy and creates employment opportunities. As a restoration of an existing hotel, the project would also help to bring idle assets back into productive use.