Starwood Hotels and Resorts Worldwide, Inc, and
MIT Group Holdings Nepal, led by Shesh Ghale, a Non-Resident Nepali (NRN), have
signed a deal to start a five-star hotel in Kathmandu.
Sheraton Kathmandu
Hotel, owned by MIT Group Holdings Nepal and managed by Starwood, is slated to
open on February 1, 2018. The 225-room luxury hotel will be located in
Kantipath on an area spanning over 1,539 square metres. "Sheraton
Kathmandu Hotel will be within walking distance from Thamel, a popular tourist
destination in Kathmandu," said the global hospitality giant, which
operates luxury hotels ans resorts worldwide under the Sheraton brand, in a
press statement. "We are also close to the former royal palace, now a
museum, as well as many of the city’s attractions, businesses, and
embassies."
"All amenities in
the hotel will have signature Sheraton Sweet Sleeper," said Starwood.
"The hotel will also work as a business centre."
According to MIT Group
Holdings Nepal, the five-star hotel development project will cost around Rs 7
billion. Ghale, a successful entrepreneur based in Australia, had announced
during a conference of the Non-Resident Nepali Association in Kathmandu in
October last year that his company would open a luxury hotel in the Capital
city. However, everything in relation to opening of the hotel and its branding
had been under wraps.
Ghale — who is 166th
richest person in Australia — has invested in education and real estate sector
in Australia and abroad. According to Business Review Weekly — that has listed
him as one of the wealthiest persons in Australia — Ghale’s wealth stands at Rs
153 billion.
Starwood currently
operates 34 hotels and resorts worldwide while about 24 new hotels and resorts
are under construction. Starwood, which has been in South Asia since 1973, is
aiming at operating about 100 hotels and resorts in the region by 2015. The
American hotel and leisure company is also opening a new hotel in Ahmadabad in
India on December 2013.
The Sheraton brand was
earlier associated with the Everest Hotel.
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