SEIC Hospitality

Overview

Ascendant Project Finance has worked on several projects in tourism and real estate sector that included introduction of well known hotel brands to regional market.

Most of Western Balkan capital cities have strong business fundamentals but lack of know-how, both in development and hospitality industries. This has resulted in shortage of hotel brands. Based on Ascendant project finance ability to structure difficult projects and allow Investor/Owner to understand better the actual value and cost of hotel investment, including the franchise option, we were able to bring hotel brands to the region. Our client is a well-known GCC Investment Fund, South European Investment Company (SEIC), which has recognized this opportunity and brought the first Marriott brand to the Balkans, operated by Interstate Hotels and Resorts.

The Investor

Intesa SanPaolo, Sarajevo and Sberbank, Sarajevo.

The Deal

Ascendant project finance secured financing for SEIC through a syndication loan with the banks in Bosnia and Herzegovina for the completion of the development of the Residence Inn by Marriott hotel Sarajevo.