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Summary of Project Information (SPI) |
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| Project number | 9400 |
| Project name | Park Hyatt Baku |
| Country | Azerbaijan |
| Sector | Accommodation & Tourism Services |
| Department | Global Manufacturing & Services |
| Company name | Baku Hotel Company |
| Environmental category | B |
| Date disclosed | March 23, 1999 |
| Status | Completed |
| Previous Events | Invested: April 20, 2000
Signed: July 30, 1999
Approved: June 18, 1999 |
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Summary Of Project Information (SPI)
| Project Name: | Azerbaijan: Park Hyatt Baku |
Region:Central and Southern Europe
Sector:
Project No:009400
Projected Board Date:April 28, 1998
Company Name:Baku Hotel Company
Technical Partner and/or Major Shareholders
Hyatt International Europe Africa Middle East Limited (Hyatt EAME) is the Technical Partner. Hyatt EAME is the manager of the existing Hyatt Regency Hotel and office tower and will provide management and other services to the Park Hyatt Hotel and new office complex. Hyatt EAME is a wholly-owned subsidiary of Hyatt International Corporation, a privately-owned US-based international hotelier which operates over 80 luxury hotels and resorts under the Hyatt name outside of North America.
Project Cost Including proposed IFC investment
The total project cost for development of the Park Hyatt and office complex is estimated at US$39.0 million. The total proposed external financing for the project is US$25.0 million, to consist of US$15.0 million as an A Loan for IFC’s own account and a US$10.0 million B Loan for the account of participating banks.
Location of project and Description of site
The Hyatt Regency and office tower are located in a commercial district near the city center of Baku, at 1 Bakikhanov Street. The site is about two kilometers from the city’s historical center, on the Caspian Sea waterfront. Travel time between Baku’s Bina international airport and the Hyatt Regency is approximately 25 minutes. The Park Hyatt hotel and office complex will be located adjacent to the existing Hyatt Regency.
Description of Company and Purpose of Project
Baku Hotel Company, the owner of the Existing Facilities, is the project company and sponsor, and was established in 1995 to operate Hyatt hotels in Azerbaijan. The Hyatt Regency hotel has been well-received by business travellers to Baku since its opening in 1995. The project sponsor has designed the Park Hyatt expansion to meet the increasing demand for international-standard business accommodations in Baku. Extended meeting and catering facilities will enable the Park Hyatt to more actively deploy its facilities as a banquet, conference and meetings venue for the Baku-based business community. The expanded complex will also include a business center, a health/sports club, and retail outlets.
Environmental Category and Issues
Park Hyatt Baku is a category B project according to IFC's environmental review procedure because specific impacts may result which can be avoided or mitigated by adhering to generally recognized performance standards, guidelines or design criteria. The project’s principal environmental, health, and safety issues include:
· temporary human settlement;
· liquid effluent treatment and disposal;
· solid waste disposal;
· power and water supply;
· CFCs;
· employee safety training and emergency response; and
fire protection measures.
The is from the InfoShop.
| Host country location of environmental documents: | Baku Hotel Company
Bakikhanov 1, Baku
Azerbaijan Republic |
Date SPI sent to InfoShop:March 23, 1999
“This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporation’s Board of Directors. It is provided for the purpose of enhancing the transparency of IFC’s activities and should not be construed as presuming the outcome of IFC Board consideration.”
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 974-4384 |
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| Environmental documents for this project are available at http://www.ifc.org/projects and from the World Bank InfoShop (http://www.worldbank.org/html/pic/aboutinfo.html). |
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