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BPS-Bank, Belinvestbank to finance hotel construction in Minsk

BPS-Bank and Belinvestbank have signed a consortium lending agreement for the amount of $80 million to finance the construction of a hotel complex in Minsk, BelTA learned from BPS-Bank.

Under the agreement BPS-Bank will be the agent bank. The credit is granted for ten years to finance the investment project of the Belarusian company Syryevye Resursy. The project focuses on the construction of the hotel facilities at the intersection of Novovilenskaya Street and Kanatny Lane in Minsk. It will be a five-star hotel with the total area of over 40,000 square meters comprising 243 rooms, a business center, a restaurant, a casino, a night club, trade premises and a spa salon. The hotel will be built as part of the preparations for the 2014 Ice Hockey World Cup.

The hotel will be managed by Hyatt International company, one of the leaders in the international hotel business. Thus the Hyatt Regency Minsk Hotel will become one of Hyatt’s first hotels in Belarus. In accordance with the agreement Hyatt corporation will include this hotel in its international booking and club preference network.

According to Vasily Matyushevsky, Chairman of the Board of BPS-Bank, this project will attract more tourists to Belarus and change Belarus’ existing model of business tourism export.

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