Kazkommertsbank JSC acts as investor of building the first in Kazakhstan hotel of "Marriott International" network

/Kazkommertsbank JSC, headline IRBIS, May 23, 05/ - During the trip about Mangistau oblast Nursultan Nazarbayev Kazakhstan president visited several objects. One of them was the first in Kazakhstan hotel of "Marriott International" international network - "Renaissance Aktau". Here Nazarbayev met with investors and representatives of small and medium business of Mangistau oblast. Building of "Renaissance Aktau" is made under the control of "Marriott International" jointly with Kazakhstan company "Capital Partners". Appearing of this hotel became possible due to Kazkommertsbank JSC, which acted as the investors of the project. Cost of the project is USD20 m. These are first investments into Kazakhstan's hotel business. Bank decided to finance building on two reasons. The first one is experience and professionalism of project participants: "Renaissance Aktau" is controlled by world known "Marriott International". This is a global leader of hotel business with over 2500 hotels in 69 countries. Company controls hotels under Marriott, JW Marriot, Renaissance, Ritz-Carlton brands. The second one is absence of a hotel corresponding to international standards in Aktau despite its rapid development as the city-port of international meaning and the center of oil and gas business. Development of the oil capital is one of major tasks of Mangistau oblast. Precisely Aktau is "responsible" for Kazakhstan's becoming a transit state for its port is "the Golden gates" of our country to the world economy. Perspectives of Kazakhstan's development as a transit state is the subject of Nazarbayev's rapt attention. Many oil and gas fields opened within latest years in this region attracted many well known foreign oil and gas companies. At present representatives and branch offices of over 50 foreign companies are functioning in the region, there have been organized over 40 ventures with participation of foreign capital and over 30 foreign companies. It's doubtless that number of businessmen from the whole world will grow every year. In the opinion of Nina Zhusupova chairman of the board of Kazkommertsbank JSC, in the whole world growth of hotel business is tightly connected with growth of economy. It's expected that demand for Aktau's hotels will grow. While "Capital Partners" was making an investment analysis of Aktau's hotel business it used three-level approach. - Research of real estate market in Aktau for identifying and measuring demand and offer in three main segments of the market (offices, lodging, hotels) was made by "Colliers International". Results of the research exactly determined potential for building a "lux" class hotel. - Creation of the concept and scenarios of building. The long-term experience of Yerdal Seykhan the professional in hotel industry sphere building director of "Capital Partners" was used here. Manager of the project Hyatt Regency and Park Hyatt in Baku in the past, he made a great contribution to generating of the concept and scenarios of building, which will be viable Aktau. - Developmental works on various scenarios for checking commercial viability of proposed concept by financial analysts. Various additional works were made in the concept, in order to lessen financial risk of investor. Yerdal Seykhan has noted: "Support of local municipal authorities was necessary for successful realization of the project". He thanked akimat of Mangistau oblast and Bolat Palymbetov oblast's akim for support and help. Magzhan Auezov says investing into hotel business faces many risks. Besides macroeconomic risks, financial results of work in the considerable degree depend on quality of work оf the operator - Marriott International. That's why participation of an international operator with perfect reputation like "Marriott International" has was very important for Kazkommertsbank JSC. "Renaissance" is positioned on the market as a brand with full range of high- quality services, surrounding guests with a comfortable atmosphere of a small hotel-butique with individual style. The latter feature distinguishes "Renaissance" hotels from other brands of "lux" class hotels, which are present on Kazakhstan market. Author is design of "Renaissance Aktau Hotel" is a Turkish company "Basak Oymen Design". Design of the hotel is conditioned by general concept of development of Aktau as a modern city "of future", business and industrial center. The hotel offers comfortable conditions for activity and rest of people coming to the region. "Renaissance Aktau Hotel" is the first in Kazakhstan under "Renaissance" brand. At present other two similar hotels are being built - in Atyrau and Almaty. [2005-05-24]