InCar Trust facilitates financing Wyndham Garden Paramaribo

Paramaribo, Suriname (31/03/2009) - On March 31, 2009 InCar Group has successfully concluded the financing for its client CityGroup N.V. with the signing of the financing agreement by its client and the lenders. Headed by AIB Bank an international consortium, including local institutions Hakrinbank and Fatum Suriname, provided a financing of US$ 10 million for the development of CityGroup's luxury hotel situated on the Domineestraat in the heart of Paramaribo.

The project is the largest private investment in the tourist sector in Suriname and has a total value of over US$24 million. The hotel will open in March 2010 and will be part of the Wyndham Garden chain. The hotel will be the third international chain in Suriname after Best Western and Courtyard by Marriott.

“The involvement of foreign institutions has been very important to realise the financing due to the size of the loan. Due to InCar Group it has been possible to attract financing from abroad, despite the current problems on the international markets, and to affiliate ourselves with Wyndham”, says Oemar Chiragally, CEO of CityGroup N.V. “This important investment in the tourism sector of our country will play an important part in attracting new groups of tourists to Suriname, in particular from America. It will also provide an impuls for further development of the city centre to make it even more attractive for tourists and locals”.

“It is always very special to come to a new country and experience the first financing we do as AIB”, says Herry Koolman, Assistant Managing Director of AIB Bank. “We have worked very well with InCar Group and have also received tremendous support from SRA during this process. Suriname has an unbelievable position with regard to tourism and a tremendous future in the industry”.

“It is not always easy to attract financing for large projects in Suriname”, explains Anand Ramkisoensing, managing director of InCar Trust, the Suriname part of InCar Group. “The vision of Mr Chiragally, the way the project was set up and the strength of the business plan made it easy not only to convince our banking partners to finance this fantastic project, but also to have the hotel be part of the Wyndham Garden franchise”.

The financing was provided based on the business plan made by SRA Business Solutions N.V., sister company of accountants SRA N.V. “For a project of this size it was necessary to attract the majority of the debt from abroad”, says Sonny Sheoratan, managing director van SRA Business Solutions. “The strict requirements of the financial institutions and the current economic situation made it necessary to present a very extensive and detailed business plan. The completeness of our plan had a positive effect and lead to the financing under very positive terms”.

The Wyndham Garden Paramaribo Hotel will have two full service restaurants, a rooftop bar and pool, lobby lounge, spa and fitness centre, business centre and conference facilities. The complex on the Domineestraat also houses a casino and a 20 unit shopping mall. The hotel will target the high end market, particularly business travellers and eco tourists.