Announcement of IFC Invests in Nicaragua Nine Million US Dollars for First Class Hotel to June 30, 1976

International Finance Corporation 1818 H Street. N \1\1 Wasnington. D.C. 20433. l; SA 202-393-6360 IFC Press Release No. 76/15 Wednesday, June 30, 19:76 IFC Invests in Nicaragua $900 2 000 for First Class Hotel The International Finance Corporation (IFC), an affiliate of the World Bank, is joining Nicaraguan and Guatemalan investors in sponsoring a new $3,250,000,,115-room first-class hotel in Managua. The IFC fine,n.~ing consists of a $700,000 loan and $200,000 equity invest- ment in Posada del Sol, S.A., which will build and operate the Camino Real Hotel. A Nicaraguan group, which includes prominent private businessmen with diversified interests, and a Guatemalan group, which includes several with investments and operational experience in the hotel industry, are each investing $675,000 in the project. A $1 million loan from Central American Bank for Economic Integration • completes the financing • The hotel will be ·operated by an experienced company, Biltmore Internacio- nal, a subsidiary of Hoteles Cam;i~o Real de Guatemala.· It is being built on an approximately 11 acre site on the Inter~American.Highway about a mile from Managua airport. The hotel will consist of six interconnected guest room buildings, an administration and services building and ancillary facilities I all of single-story constr~ction. The project is expected to help relieve the acute shortage of first-class accomodations in Managua and conforms with the Government's development priorities. It will generate estimated foreign exchange earnings of some $1:3 million annually arid create about 125 new jobs. (Any inquiries strictly relating to IFc·• s participation in this project should be directed to the IFC Business Relations Unit, 1818 H> Street, N. W. , Washington, D.C. 20433, Telephone (202) 477-5770) • •