Release date: 20 November 2003
Promoter – Financial Intermediary
TUI AG, one of the largest tour operators in the world.Location
Description
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.
Objectives
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.
Comments
Tourism
Sector(s)
Proposed EIB finance (Approximate amount)
EUR 59.7 million, depending on the final definition of project cost
Total cost (Approximate amount)
Approximately EUR 119.5 million.
Environmental aspects
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.
Procurement
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.
Status
Signed - 26/07/2007
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).