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Avari Group, Standard Chartered, Saudi Pak, KASB Bank

Largest financing deal of Pak hotel sector signed

By our correspondent

KARACHI: The largest financing in the history of Pakistan in hotel sector was signed between Avari Group and banking consortium led by Standard Chartered Bank here on Monday.

The Avari Group has announced the Avari Islamabad project - a six-star with a total cost of Rs4.779 billion, which is being financed through Rs3.750 billion rated privately placed TFCs (Term Finance Certificates).

In an impressive ceremony held at Hotel Avari Tower, the Chairman, Avari Group, Byram D Avari signed the agreement while Country Chief, Standard Chartered Bank, Badar Kazmi, President, Saudi Pak Commercial Bank, Mansoor M Khan and President, KASB Bank, Munir Kamal signed the agreement on behalf their respective banks.

Standard Chartered and Saudi Pak Commercial Bank were the mandated lead arrangers for the issue and KASB Bank acted as co-arranger. The seven-year issue has been rated single ‘A minus’ by JCR VIS rating agency.

The issue received an overwhelming response from the market and diverse investor base including banks, non-banks and funds invested in the TFC. Speaking on this occasion, the Chairman, Avari Group, Byram D Avari said that the Avari Islamabad would be the height of luxury being the first ever 417 all-suite hotel of Pakistan, with each room being 750 square feet with two LCD TVs separate Spas for ladies and gents, a covered swimming pool, state-of-the-art meeting rooms, a 1,500 persons ballroom and 400 underground car parking.

He said that the proposed hotel would also have six restaurants offering continental and exclusive dining facilities. Briefing the august gathering, Byram said that the Avari family has been known to the hospitality business since 1944 when his late father Dinshaw B Avari purchased the Bristol Hotel at Karachi in the days of pre-partition India. Their core business has been owning and operating hotels, both locally and internationally. Today, his sons Dinshaw and Xerxes, the new generation, are spearheading operations with lateral thinking and dynamic ideas. Currently they own and operate three hotels in Pakistan namely Avari Towers Karachi, Beach Luxury Karachi and Avari Lahore. They also manage two international hotels at Dubai (UAE) and Toronto (Canada).

Meanwhile, Byram while talking to media after the event hoped that the Avari Islamabad would be the first deluxe six-star hotel in Pakistan, fulfilling the requirements of the capital city and would be a landmark property on the skyline of Islamabad.

Replying to a question he said that this environment friendly building is being designed by the foreign consultants to withstand Zone 3 Seismic requirements and would be fitted with the latest damper system presently being used by NASA of USA for their space launches.

He said that Avari Islamabad would generate its own electricity thereby not being a burden on Islamabad’s civic amenities and utilities. He disclosed that his new venture would generate employment opportunities for 700 men and 300 women besides creating employment to similar number of indirect employment. A multimedia presentation of the proposed project was also given on the occasion.

http://thenews.jang.com.pk/daily_detail.asp?id=61911
 

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Avari inks deal with 3 banks to finance hotel project

KARACHI: The Avari Group signed an agreement with three banks on Monday for Rs 3.75 billion financing for its Avari Islamabad Hotel project through issuance of term financing certificates (TFCs).

The TFC is privately placed and banks, non-banking financial institutions and funds invested in the paper. The interest on it is 3.25 over six-month kibor rate. The seven-year issue has been rated single ‘A minus’ by JCR-VIS rating agency.

The hotel has a total project cost of Rs 4.779 billion. Apart from the financing arranged through TFCs, the project will be financed by the Avari family. The construction of the hotel has already been started.

The agreement was signed by Chairman Avari Group Byram D Avari, CEO Standard Chartered Pakistan Badar Kazmi, President KASB Bank Munir Kamal and President Saudi Pak Commercial Bank Limited Mansoor M Khan.

Standard Chartered Bank and Saudi Pak Commercial Bank were the mandated lead arrangers for the issue and KASB Bank acted as co-arranger. Byram D Avari said on the occasion that Avari Islamabad would be the first all-suite hotel of Pakistan and would have 750-sq ft rooms with two LCD televisions. The hotel will have separate spas for ladies and gents, a covered swimming pool, state-of-the-art meeting rooms, a 1500-person ballroom and parking space for 400 cars.

He said 200 rooms would be ready by early next year and a further 200 rooms would be constructed by the end of next year.

The building is being designed to withstand zone-3 seismic requirements and will be fitted with the latest damper system presently being used by NASA of USA for their space launches.

The new hotel will employ 700 men and 300 women, who will be able to support their families of 10,000 persons, Mr Avari said. It will generate its own electricity, thereby, not being a burden on Islamabad’s utilities. He said the hotel would be the first deluxe six-star hotel in Pakistan, fulfilling the requirements of the capital and will be a landmark property on the skyline of Islamabad. The Avari Group owns and operates Avari Towers Karachi, Beach Luxury Karachi and Avari Lahore in Pakistan and two international hotels in Dubai and Toronto.

http://www.dailytimes.com.pk/default.asp?page=2007\06\26\story_26-6-2007_pg5_11
 

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Avari Hotels is one of the major chains of hotels in Pakistan. It was founded by Dinshaw Avari and is now run by his son Byram Dinshawji Avari, the CEO of Avari Hotels Ltd, and his two sons Dinshaw and Xerxes. Avari Hotels manages hotels throughout Pakistan, Dubai and Toronto.

Portraits of Dinshaw Avari and his wife Khorshed hang in the entrance lobby of the Avari Towers Hotel in Karachi, where the two largest function rooms are named after them - Dinshaw Mahal and Khorshed Mahal. The Avari Towers Hotel, at 17 floors, is the tallest hotel in Pakistan currently.

Hotels include:
* Avari Towers (Karachi)
* Avari Hotel (Lahore)
* Beach Luxury Hotel (Karachi)
* Avari Hotel (Dubai)
* Ramada Hotel (Toronto)
 

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There was a map on another thread with the locations of all the hotels. I can't recall which thread, so if someone does, you might wanna post a link to that pic here.
 

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Finally Avari comes to Islamabad! :rock:

I always used to get dissapointed by the fact that Karachi and Lahore had Avari's but Islamabad didn't. But now it looks like Islamabad is goin to have the best Avari Hotel :cheer:
 

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6-Star Avari Hotel to open in Islamabad next year
Nasir Mahmood
Karachi—Islamabad will be the height of “Luxury” with the first 417 All-Suite Avari Hotel of Pakistan, with each room being 750 sq ft, with two LCD TV’s, separate Spas for ladies and gents, a covered swimming pool, state of the art meeting rooms, a 1500 persons ballroom and 400 underground car park. This environmentally friendly building is being designed to withstand Zone 3 Seismic requirements and will be fitted with the latest damper system presently being used by NASA of USA for their space launches.
700 men and 300 women will be employed by the hotel and these 1,000 persons will in turn be able to support their families of 10,000 persons. The Avari Islamabad will generate its own electricity thereby not being a burden on Islamabad’s civic -amenities and utilities.
Byram D Avari, Chairman, Avari Group said that with the blessings of the Almighty, his late Parents and the support of his wife and family, the Avari Islamabad Hotel will be the first deluxe six star hotel in Pakistan, fulfilling the requirements of the capital city and will be a landmark property on the skyline of Islamabad. This 16 story building is going to be opened at the end of next year; he said replying to a question.
A signing ceremony for the largest hotel financing in the history of Pakistan was held on Monday 25th June, 2007 for the Avari Islamabad Project. This 6-Star hotel has a total project cost of Rs 4.779 Billion, which is being financed through PKR 3.750 Billion Rated Privately Placed Term Finance Certificates.
Standard Chartered Bank and Saudi Pak Commercial Bank were the mandated lead arrangers for the issue and KASB Bank acted as co-arranger. The 7-year issue has been rated single ‘A minus’ by JCR-VIS rating agency.
The issue received an overwhelming response from the market and a diverse Investor base including Banks, Non-Banks and Funds invested in the TFC.
Speaking on the occasion Byram D. Avari, said the Avari family has been known in the Hospitality business since 1944 when his late father Dinshaw B Avari purchased the Bristol Hotel at Karachi in the days of pre-partition India. Their core business has been owning and operating hotels, both locally and internationally.
Today, his sons Dinshaw and Xerxes, the new generation, are spearheading operations with lateral thinking and dynamic ideas. Currently they own and operate three hotels in Pakistan namely Avari Towers Karachi, Beach Luxury, Karachi and Avari Lahore. They also manage two International hotels at Dubai, UAE and Toronto, Canada.
http://www.pakobserver.net/news/business03
 

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700 men and 300 women will be employed by the hotel and these 1,000 persons will in turn be able to support their families of 10,000 persons.
:lol: :lol:

They intend to hire people with a family of 10 in which all others are unemployed?
 
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