Civil, Construction

Zhiwa Ling Hotel ("the Hotel"), owned by Yangphel Private Ltd ("the Group"), is an existing locally owned and operated 45 room five star property located in Paro, Bhutan. The Hotel has been operational since 2005. The hotel has 40 rooms divided into 4 two floor cottages, 4 three floor cottages, a main building (having a basement, ground and first floor housing the reception, restaurant, kitchen, five suites, conference rooms and business center), spa/fitness center, meditation center and a tea house. The Group was incorporated in 2010 and has companies operating in the areas of adventure travel (mainly treks), archery (mainly assembly of bows and arrows), handicraft center (manufacturing fishing flies), wood works, luxury camps, bikes and accessories and real estate. The Group also has a stake in a private insurance company. Currently the hotel is one of the divisions/business verticals of the group, however, it will be incorporated as a separate legal entity.The proposed investment is a debt investment of $3.5 million in the hotel for ("the project"): Upgrading the existing rooms e.g. change of flooring, change of televisions and associated furniture, new lighting, new fixtures.Converting the existing conference rooms (in main block) to guest rooms (6-8 nos.)Constructing a new conference center, additional cottage building (with 6 rooms) and a heated swimming pool (solar heated).The construction for the project is expected to start in July 2015 and all activities are expected to be completed by July 2017.

Bhutan