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Lagos, 05 October 2012 – The Starwood Hotels and Resorts Group today in Lagos launched the development of its first Luxury Collection brand in the ECOWAS region, the Le Meridien Grand Towers Hotel project, sponsored by Robert Dyson and Diket, Ltd. (RDD).
The completion of the project is to be financed through a $120-million syndicated term-loan which RDD has mandated the African Export- Import Bank (Afreximbank) and Diamond Bank of Nigeria, Plc. to arrange. Also participating in the syndication are the ECOWAS Bank for Investment and Development, the Nigerian Export-Import Bank and Union Bank of Nigeria, Plc.
“Afreximbank is supporting this project under our Construction and Tourism-Linked Relay Facility, or CONTOUR, through which the Bank transfer’s construction risk to parties better able to bear them while we retain operating risks,” said Jean-Louis Ekra, President of Afreximbank. “We are very excited that developers have found this facility so attractive that our deal pipeline now exceeds one billion dollars.”
“Afreximbank is proactively supporting the development of hotel and tourism facilities across Africa because we recognize that world class hotel facilities constitute a critical infrastructure for cross border trade. In addition to supporting and facilitating international business travel, they generate service exports and create direct and indirect employment,” continued Mr. Ekra.
RDD was incorporated in August 2007 as a special purpose vehicle to design and construct the project, which has an estimated total cost of $338 million to be financed by bank debt, vendor financing and sponsor’s equity.
RDD, which is sponsored by the SIO Group, owned primarily by Chief Sunny Odogwu, is using I.T.B. Nigeria, Ltd. as the main project contractor.
The African Export Import Bank was established in October 1993 by African governments, African private and institutional investors, and non-African investors to finance and promote intra- and extra-African trade. Its two basic constitutive documents are the Establishment Agreement, which gives it the status of an international organization, and the Charter, which governs its corporate structure and operations. AFREXIMBANK is headquartered in Cairo. For more information, visit: www.afreximbank.com
- Publishing Date : October 5, 2012
- Category : Press Releases