ISX News
Babylon Hotel (HBAY) disclosed the details of its investment deal
Babylon Hotel (HBAY) disclosed the details of the investment deal made between HBAY and Al-Ibaa’ Co. for Tourism and Hospitality Services with their partner Warwick International Hotels as following: 1) The duration of the contract is 25 years. The investor will pay $4.25mn /year in the first 15 years and $8.00mn/year in the last 10 years of the contract term. 2) The investor company is a Jordanian Company. 3) The investor rehabilitated the hotel and all its facilities due to the fail of the last contractor which assigned by the Ministry of Foreign Affairs to rehabilitate the hotel according 5 Stars Hotel standards. 4) The investor will renew all hotel furniture every 4 years. 5) The investor should obligate to invest the hotel according to Iraqi Investment Law # 13 of 2006 and its amendments. 6) The investor should obligate to employ Iraqi staff, develop their skills and work them with the foreign expertise in the hotel
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