KARACHI, June 25: A hotel for Islamabad is planned at a projected cost of Rs4.779 billion, and would be financed through Rs3.750 billion term finance certificates (TFC).

The signing ceremony for Avari Hotel Islamabad’s financing was held here on Monday. Standard Chartered Bank and Saudi Pak Commercial Bank were the mandated lead arrangers and KASB Bank acted as co-arranger.

The seven-year TFC issue for Avari Islamabad project has been rated ‘A minus’ by JCR-VIS rating agency. The issue received a good response as diverse investors, including banks and mutual funds, invested in the TFC.

Speaking on the occasion, chairman Avari Group, Byram D Avari outlined the details of the project and highlighted the contribution of his group in the hospitality business in Pakistan.

He said Avari Islamabad is designed to be a 417 all-suite hotel with provision of high class facilities and trained manpower.

He said the building is being designed to withstand Zone 3 Seismic requirements and will be fitted with the damper system.

Amongst those attending the ceremony were the leading bankers.