15.11.2013

Ascendant advises on €8 million contract to build the first Residence Inn by Marriott in Bosnia

Marriott International, Inc. (NASDAQ: MAR) announced plans to open its first hotel in Bosnia and Herzegovina. The 75-suite Residence Inn Sarajevo is expected to open in late 2014 and will operate as a Marriott franchise, owned by SEIC Hospitality and managed by Interstate Hotels & Resorts. The only internationally branded hotel in Bosnia and Herzegovina, the Residence Inn Sarajevo will fill a gap in the extended stay segment and offer a blend of modern style and functionality that allows guests to thrive on long stays.

Ascendant Project Finance was the lead advisor to SEIC on the project.

Marriott International is a leading hotel company with more than 3.800 facilities in 74 countries worldwide and 18 hotel brands. The headquarters of Marriott International, which was founded by J. Willard and Alice Marriott over 80 years ago is located in Bethesda, Maryland (USA), under the leadership of the Marriott family.

"This is the first Residence Inn by Marriott in Bosnia and Herzegovina and the SEIC is proud to lead this project. This way SEIC in Bosnia and Herzegovina brings the world's first hotel brand, and also significantly contributes to the full-fledged return of Sarajevo to world capitals. Raising the standard of living is the capital and main motto of SEIC," said Kazazić.

Residence Inn by Marriott, will offer a combination of modern style and functionality. The hotel in Sarajevo will have at its disposal 75 fully equipped rooms, two and three bedroom apartments, with ergonomically designed work areas, complimentary breakfast and laundry room. Each apartment will have a fully equipped kitchen and a fitness studio will be available for relaxation, as well as all other hotel services 24 hours a day.

"Residence Inn Sarajevo is the first Marriott hotel in Bosnia and Herzegovina. We are pleased to work with the SEIC Group and Interstate Hotels & Resorts while we expand our business into new territories in Europe," said Ervin.

The design of the facility has been entrusted to the Argentaria bureau in Sarajevo, which will be done with full control of the Marriott Group to ensure the satisfaction of the required standards. The main contractor is the company Strabag.

The overall value of this investment is 8 million euros. Completion of construction is planned for the end of 2014.

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