The proposed project will finance short and medium term loans made and to be made by TUI AG to hotels in Bulgaria, Croatia, Montenegro and Hungary. The hotels will use the funding to upgrade and expand their facilities to cater for international tourists, thereby promoting the tourism industry in the region. TUI has no equity interests in the hotels, but is their exclusive partner, and markets the hotels through its international sales network.
The financing provided will allow for the development of tourism, a key industry in the countries. Through its partnership with the hotels, TUI will help the implementation of international industry standards and practices in the local tourism industry and support transfer of skills through training programmes. The refurbishment and development of hotel projects will also help to develop the local building materials sectors. The subsequent facilitation of increased tourism to the region will have positive effects on the local service industries.
TUI AG, Hanover, Germany.
TUI is listed on the Frankfurt Stock Exchange. The group includes 81 tour operator brands, 3,700 travel agencies and controls through management contracts, lease arrangements and equity investments approximately 150,000 beds in 285 hotels. Its brands include, amongst others, TUI, 1-2-Fly, Thomson, Crystal Lunn Poly, and the airlines Hapag-Lloyd Flug and Britannia.
€41.2 million revolving loan facility.
The revolving facility will, over a period of 4 years, facilitate the implementation of projects of a total estimated investment volume of €120 million.
The Project was screened C/1 requiring an audit of the company's environmental policy and procedures. The environmental due diligence confirmed that TUI has a strong and proactive approach to both environmental issues and ecotourism and extensive environmental due diligence procedures for ensuring that potential holiday hotels and apartments meet good international standards. Key issues addressed in the Company's formal appraisal process for every new development include water supply, water saving measures and wastewater treatment; beach, lake and seawater quality; environmental efficiency of building design and environmental considerations during the construction and operation of the buildings; energy consumption, pollution and noise emission; environmental management and training for staff.
The Company has its own Environmental Management Department, established in 1990, which complies with the principles of sustainable development and plays a leading role (along with UNEP, UNESCO and the Tour Operators' Initiative for Sustainable Tourism) in promoting the principles of sustainability in the tourism industry. The Company has been actively supporting a phased protection area policy in holiday regions (species protection, nature conservation, landscape protection) and the proportion of protected areas per holiday region is one of its most important environmental quality performance indicators. In order to publicise successes in environmental management, TUI awards its annual International Environment prize to NGOs or local environmental initiatives which make a major contribution to the protection and conservation of the environment in TUI destinations. As part of the Bank's legal agreement, the Company will report annually on the environmental progress of new hotel hotels and apartments.
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