International Hotel Investments plc - Benghazi Hotel Project

International Hotel Investments plc announced on 22 February that it has signed a memorandum of understanding with the Libyan Foreign Investment Company (LFICO) for a joint-venture agreement to develop a five-star hotel in central Benghazi, Libya. The new hotel will be developed on a 7,000 square metre site, part of which housed the former, historic, Al Jazira Hotel.

IHI and LFICO plan to develop the site into a 360-room five-star hotel with offices and retail outlets. Construction is expected to commence in 2008 and on completion, the project will be operated by CHI Limited, the hotel operating subsidiary of IHI.

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