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        TUI HOTELES

        Signature(s)

        Amount
        € 21,400,000
        Countries
        Sector(s)
        Portugal : € 21,400,000
        Services : € 21,400,000
        Signature date(s)
        26/07/2007 : € 21,400,000

        Summary sheet

        Release date
        20 November 2003
        Status
        Reference
        Signed | 26/07/2007
        20020666
        Project name
        Promoter - financial intermediary
        TUI Hoteles (Spain/Portugal)
        TUI AG, one of the largest tour operators in the world.
        Proposed EIB finance (Approximate amount)
        Total cost (Approximate amount)
        EUR 59.7 million, depending on the final definition of project cost
        Approximately EUR 119.5 million.
        Location
        Sector(s)
        Description
        Objectives

        As a part of its Southern European expansion plans, TUI AG is seeking to modernise two of its hotels in Fuerteventura, in the Spanish Canary islands, and is promoting a new hotel in the province of Algarve in Portugal.

        Investment in a in a high-grade resort hotel complex will contribute to the development of upscale tourism in the Canary Islands as well as in the Algarve.

        Environmental aspects
        Procurement

        The project falls under the scope of the Directive 97/11/EEC on Environmental Impact Assessment, and notably of its Annex II. The Promoter has prepared Environmental Impact Studies under request of the local authorities as a condition for the release of the building permits. The outcome and the mitigating measures suggested in the study will be analysed, together with the Nature Protection aspects (“Habitat” and “Birds” Directives) by the Bank’s services during the appraisal.

        This is a private sector project, where EU Procurement Directives are not applicable. The promoter follows current industry practices based mainly on competitive consultations among potential suppliers for goods and services.

        Comments

        Tourism

        Disclaimer

        Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
        They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

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