Four Point Sheraton Asuncion Hotel IIC Approves A Loan Of Up To $3.6 Million

09/05/2001

Construction will start during the last quarter of 2001, and the hotel is scheduled to open in January 2003

Washington, D.C.- The Inter-American Investment Corporation (IIC) announced approval of a ten-year loan of up to $3.6 million to the Paraguayan company Emprendimientos Hoteleros S.A. (EHSA) to build the Four Point Sheraton Hotel in Asuncion, the capital city of Paraguay.

The hotel will be located in the Villa Morra district across from one of the city's major shopping centers on the main road from the airport to the city. This first foreign-flag hotel to be built in the city will have 10 stories, 125 guest rooms, 8 conference rooms, and nearly 100 parking spaces, as well as all the requisite amenities (restaurant, fitness center, swimming pool, Jacuzzi, etc.) and a 900-person capacity convention center.

The total cost of the project is estimated at $12 million. Work should begin in the last quarter of 2001, and inauguration of the hotel is planned for January 2003. According to IIC studies, the project will generate 500 direct jobs during the construction phase and provide a flow of $54 million in added value during the first ten years of operations.

The Inter-American Investment Corporation is a multilateral financial institution that is part of the Inter-American Development Bank Group. It provides financing (in the form of equity investments, loans, guarantees, and other instruments) and advisory services to private enterprises in Latin America and the Caribbean. The IIC's mission is to promote the economic development of its regional borrowing member countries by stimulating the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size.

Contact: Steven Reed/ Santiago Cat

Telephone: (202) 623-3981

Email: stevenr@iadb.org