Marriott Sofia Real Tender

Identification Code OP170003Total Operation Cost 98.931.000Maturity 156 monthsOperation Status BSTDB Approved Amount 32.000.000 EURApproval Date 22 Sep 2017BSTDB Signed Amount 32.000.000 EURSigned Date 16 Apr 2018Countries of Operation Bulgaria 10000 Financial Product LoansSector Real EstateDomain PrivateDevelopmental and Regional Cooperation Impact The Project will have both direct positive impact and indirect through spillovers positive impact on the overall economy help to create more jobs improve service provision by increasing competition increase service export revenues. Once completed the project will likely improve competitiveness in real estate and tourism bring international know-how and push to improve human capital. Development will take place in a prime location in the city center thereby its contribution to regional development will likely be limited. There are already several new office spaces around the plot and high-end retail shops. However the project will likely contribute to better service by increasing the supply of offices and shops thereby enhancing competition in the city center.Environmental Classification and Impact summaryScreened ES Category B. Construction and operation of the building complex downtown Sofia is associated with limited ES impacts which can be readily mitigated andor avoided by adhering to generally accepted performance standards guidelines and design criteria for construction and operation of residential and commercial buildings and hotels. The management of all the related ES issues have been delegated entirely to the general contractor which will be in charge for all the environmental labor and health and safety aspects of the project during the construction stage. During the operation stage of the hotel complex the corporate ES standards of Marriot will apply in full. These relate to labor and working conditions HR policies environmental performance with regard to water and energy use fire safety and solid waste management. Overall the building complex is expected to be constructed and operated in line with existing good practices and in compliance with applicable environmental labor and health and safety legal and regulatory requirements.