Friday May 9, 12:32 PM
Lonrho says redevelopment work of Karavia hotel in DRC starts in 6 weeks
LONDON (Thomson Financial) - Lonrho Plc. said work will begin within six weeks on the redevelopment of Karavia hotel in Democratic Republic of Congo and the hotel is expected to be operational within twelve months.
The Karavia hotel
is currently the only potential large-scale accommodation facility in Lubumbashi, the burgeoning centre of the copper and cobalt industry in the DRC.
On Feb. 20, the company had said it will form a new company Karavia 2008 for redeveloping the 250-room hotel and hold a 35 pct stake in it, while the Congo government will hold 30 pct with balance 35 pct to be held by Belgium's De Moerloose Group.
The hotel is expected to open by the July 1, 2009 and is budgeted to cost $20 million, consisting of $15 million refurbishment and $5 million pre-opening costs and working capital, Lonrho added.
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