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Dhaka Tribune

Sea Pearl begins its operation at Cox’s Bazar

Update : 19 Sep 2015, 06:33 PM

Country’s largest five-star hotel Sea Pearl Beach Resort and Spa has begun its commercial operation at Cox’s Bazar.

Industry Minister Amir Hossain Amu formally inaugurated the luxury hotel on Thursday last.

Prime Bank has financed the big project worth Tk600 crore through syndication loan from nine commercial banks.

Aminul Haque Shamim, managing director of the newly launched Sea Pearl said, “Nine banks have invested Tk200 crore in the project through syndication while rest of investment was made from own financing.”

He claimed that the hotel was the largest in Bangladesh in terms of international time-sharing with Royal Tulip. 

Prime Bank financed Tk97 crore while rest of Tk103 crore was jointly financed by Mutual Trust Bank, Standard Bank, Pubali Bank, One Bank, Bangladesh Commerce Bank, Trust Bank, NCC Bank and Modhumoti Bank.

The loan can be paid in six years with a one-year grace period.

Prime Bank Managing Director Ahmed Kamal Khan Chowdhury said, “Banks investment in this project will not be a risky one as an analysis found that the occupancy rate of the hotel is above 40% which is profitable.

Moreover, lower interest rate will reduce the risk of the project, he opined.

Banks are interested to invest for long time in hotel construction as tourism sector is growing in Bangladesh, said Golam Hafiz Ahmed, managing director of NCC Bank.

“Our targeted people are mainly local businessmen and foreigners but middle class people can also afford the cost of the hotel,” said A H M Mokbul Hossain, chief executive officer of Sea Pearl.

The hotel with 493 key rooms has been built on 15 acres of land along the sea beach. The minimum price of a hotel room is Tk9,000 per day. The most lucrative feature of the hotel is the two private beaches, one for foreigners while another for the local tourists. 

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