TODAY.AZ / Business

ISR Capital Investment buys Azerbaijan Hotel

18 July 2006 [13:43] - TODAY.AZ
ISR Capital Investment LLC won the competition on selling Azerbaijan Hotel announced by Azerbaijan State Committee for Management of State Property.

As APA reports, ISP Capital Investment has to honor the commitment of making AZN 30mn investment in Azerbaijan Hotel within 4 years.

The investment will be directed to convert the hotel to modern 17-storied hotel meeting international standards. That is a new and modern hotel will be established which will enjoy 227 rooms, sport, health and business centers, banquet halls, many game and amusement halls, restaurants as well as 60-car underground garage.

According to the terms of the competition, as from the day agreement concluded, ISR Capital Investment has to transfer AZN 2.2mn to the state budget within 90 days and submit 30 000 privatization cards within 120 days. It also has to pay Azerbaijan Hotel’s debts of salaries and others within 90 days.

As a result of this investment project, 250 new jobs will be created. The salaries will be raised to AZN 300 and the employees will be provided with dinner and gifts in holidays.

Disabled people, students will have privileges to use the services of sport and health centers and a number refugee families will be taken under patronage.

URL: http://www.today.az/news/business/28254.html

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