The International Finance Corporation (IFC) – a member of the World Bank Group – has invested $2.75 million in Nepal Hospitality and Hotel Pvt Ltd to develop the new 3-star hotel, Fairfield Marriott at Thamel in Kathmandu. In addition to its own investment, IFC has mobilised a further $2.75 million investment from FMO, the Netherlands-based development bank. The 115-room hotel is operated by international chain Marriott under its Fairfield brand, and is the first internationally-branded, professionally-managed mid-market hotel in Nepal.
This initiative of IFC and FMO will help in building skills of those employed in the sector and contribute to the development of local supply chains, and thereby support significant employment in ancillary industries as well, according to IFC.
International-standard hotels like the Fairfield Marriot property help emerging markets like Nepal attract business and leisure travelers, managing director of Nepal Hospitality and Hotel Pvt Ltd Gaurav Agrawal, said, adding that investments that support vital economic industries like tourism will send a strong signal to international investors that Nepal is poised for growth and is an attractive destination that continues to cater to travellers’ needs.
The Fairfield Marriott Hotel will help increase Nepal’s capacity in the mid-market hotel segment, create jobs, and promote energy-efficient hotel design, and is expected to stimulate tourism and support the economy. It will also help build skills of those employed in the sector and contribute to the development of local supply chains. State of the art construction principles have been implemented by adopting green building design in order to increase energy and water-efficiency measures, which will serve as a model for replication across the industry.
International-standard hotel like the Fairfield Marriott property help emerging markets like Nepal attract business and leisure travelers. Investments that support vital economic industries like tourism, will send a strong signal to international investors that Nepal is poised for growth and is an attractive destination that continues to cater to traveler’s needs.
According to IFC, it remains committed to promote such development in Nepal as the country and industry recover from the impacts of the 2015 earthquake. IFC’s tourism investments promote development of critical infrastructure in places where there is often a shortage and send a positive signal to other investors.
IFC also pledged to invest in hotels and tourism especially in low-income and fragile conflict-affected countries like Nepal, which contributes in strengthening their economy.
International-standard hotels like the Fairfield Marriot property help emerging markets like Nepal attract business and leisure travelers, managing director of Nepal Hospitality and Hotel Pvt Ltd Gaurav Agrawal, said, adding that investments that support vital economic industries like tourism will send a strong signal to international investors that Nepal is poised for growth and is an attractive destination that continues to cater to travellers’ needs.
The Fairfield Marriott Hotel will help increase Nepal’s capacity in the mid-market hotel segment, create jobs, and promote energy-efficient hotel design, and is expected to stimulate tourism and support the economy. It will also help build skills of those employed in the sector and contribute to the development of local supply chains. State of the art construction principles have been implemented by adopting green building design in order to increase energy and water-efficiency measures, which will serve as a model for replication across the industry.
International-standard hotel like the Fairfield Marriott property help emerging markets like Nepal attract business and leisure travelers. Investments that support vital economic industries like tourism, will send a strong signal to international investors that Nepal is poised for growth and is an attractive destination that continues to cater to traveler’s needs.
According to IFC, it remains committed to promote such development in Nepal as the country and industry recover from the impacts of the 2015 earthquake. IFC’s tourism investments promote development of critical infrastructure in places where there is often a shortage and send a positive signal to other investors.
IFC also pledged to invest in hotels and tourism especially in low-income and fragile conflict-affected countries like Nepal, which contributes in strengthening their economy.
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