Construction of Baku Hilton Hotel in Azerbaijan to take about $200,000,000

The foundation of Baku Hilton Hotel will be laid in two days, said Isgandar Khalilov, President of ISR Holding.

According to him, the project, slated for completion in two years, is estimated to cost ?130 million, 30% of which will be invested by ISR Holding and 70% by foreign banks.

Baku Hilton Hotel will be built in the center of Azerbaijan’s capital, in the place of former Azerbaycan Hotel.

Isgandar Khalilov added that the group will also launch an enormous project next year.

"A Residential and Shopping Center Complex will be built in 14 hectares in Heydar Aliyev Avenue. The first phase of the project is estimated to take ?220 million and the costs of the second and third phases have not been calculated yet. The project will be implemented within 3 years," he added.

Khalilov added that ISR Holding is currently building an automarket in the site called "Ganligol".

"The first phase of works will be completed at the end of the month. Cars will be sold only in this market. All car sellers will be transferred to this automarket," he said.

He noted that Neftchala Iodine Plant, operated by ISR Holding, now employs more than 300 people and about 500-600 people will be employed after completing the second phase of the project.

"The capacity of this plant will be increased from 1200 tons to 10 000 tons of iodine. After a few years, the plant will take be the number 4 iodine maker in the world. Azerbaijan ranks 4th or 5th in terms of iodine stocks in reserve," he added.

/APA/