The investment was signed on 30 November 2012 and was used by Holiday LLC to acquire and reconstruct the City Hotel, which is to be officially opened on 20 May 2014. The loan was co-financed by the EBRD and KICB under the EBRD Medium-Sized Co-Financing Facility.
Holiday LLC is a long-standing client of the EBRD and has a particularly strong record in reaching out to customers with its appealing energy-efficient and green technology business operations. The new hotel can accommodate guests in 48 comfortable rooms and has full infrastructure for conferences and roundtables, which are equipped with modern and energy-efficient air conditioning, heating and ventilation systems to ensure comfortable and hassle-free work and communication. The electricity consumption system in the building has been implemented following a smart house system approach which resulted in significant energy savings.
The Hotel LLC previously benefited from the EBRD Small Business Support (SBS) programme. SBS experts provided support to the complete re-design of heating, hot water, ventilation systems in order to make the existing hotel more energy and cost efficient. This approach and related investment qualified under the EBRD Kyrgyz Sustainable Energy Financing Facility (KyrSEFF) which supports investments into energy-efficient and renewable solutions in the Kyrgyz Republic and allowed the company to benefit from a European Union-funded grant of US$ 40,000.