IFC, a member of the World Bank Group, has invested $2.75 million in Nepal Hospitality and Hotel Private Limited to develop the new 3-star hotel, Fairfield Marriott in Thamel, Kathmandu.
In addition to its own investment, IFC has mobilized a further $2.75 million investment from FMO, the Netherlands-based development bank. The 115-room hotel is operated by international chain Marriott under its Fairfield brand, and is the first internationally-branded, professionally-managed mid-market hotel in Nepal.
“The Fairfield Marriott Hotel will help increase Nepal’s capacity in the mid-market hotel segment, create jobs, and promote energy-efficient hotel design, and is expected to stimulate tourism and support the economy,” said a press released by
It will also help build skills of those employed in the sector and contribute to the development of local supply chains. State of the art construction principles have been implemented by adopting green building design in order to increase energy and water-efficiency measures, which will serve as a model for replication across the industry.
International-standard hotel such as the Fairfield Marriott property help emerging markets like Nepal attract business and leisure travelers. Investments that support vital economic industries like tourism, will send a strong signal to international investors that Nepal is poised for growth and is an attractive destination that continues to cater to traveler’s needs.
From Left to Right: Prakash Jayadevan, General Manager, Fairfield by Marriott Kathmandu; Deepak Raj Joshi, CEO, Nepal Tourism Board; Wendy Werner, IFC Country Manager for Bangladesh, Nepal and Bhutan; Gaurav Agarwal, Managing Director, Nepal Hospitality and Hotel; and Shiba Raj Shrestha, Deputy Governor, Nepal Rastra Bank
From Left to Right: Prakash Jayadevan, General Manager, Fairfield by Marriott Kathmandu; Deepak Raj Joshi, CEO, Nepal Tourism Board; Wendy Werner, IFC Country Manager for Bangladesh, Nepal and Bhutan; Gaurav Agarwal, Managing Director, Nepal Hospital
A group photo