Kathmandu. Manang Hospitality Limited has started construction of a five-star hotel in Thamel. Manang Hospitality is planning to start the construction of a five-star hotel by purchasing the property of Hotel Vaishali located at Bhagawati Marg.
The hospitality company is constructing a five-star hotel with a 108-room multi-storey building. For the construction of the hotel, the building and land of Hotel Vaishali located in Thamel have been purchased. A preliminary investment of Rs 2.67 billion has been estimated for the construction of the hotel. Of this amount, 25 percent will be raised from self-capital and the rest from debt capital.
The hotel will be operated under the brand name Four Points by Sheraton in collaboration with Marriott International. According to the credit rating agency, Infomerics Nepal, for this, the two parties have already reached an agreement related to hotel management and operation.
The hotel will be partially operational in 2027 and aims to be fully operational by 2028, according to the rating agency.
KATHMANDU: Manang Hospitality has achieved a rating of double B minus and ‘A5’ in the financial capability assessment conducted by Infomarix Nepal Limited. This rating indicates a high financial risk situation. According to the rating agency, the new hotel project is in the initial stage and the risk is high due to instability in the tourism sector.
Manang Hospitality has been operating a four-star hotel in Thamel. Manang Hospitality Limited is a subsidiary of Good Karma Group. The group is engaged in tourism, export and real estate. Karma Tenzing, who holds a doctorate in economics from Fordham University in the US, is the chairman of the hospitality company. He has experience in the field of international finance and entrepreneurship.
