Westin plans IPO by July, Beximco to take stake

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Mohammad Mufazzal
The company owning Dhaka's posh Westin Hotel will go public by July and has finalised a move to sell a minority stake to Beximco Group, its owner said Sunday.
Noor Ali told the FE that money raised from initial public offering would be used for building four five-star hotels including one in the resort town of Cox's Bazar. The hotels would cost more than Tk20 billion.
"We have already readied a plan to sell 20-25 per cent of our stake through the IPO. We are also going to sell a minority stake to Beximco Group," Ali said.
"We are planning to make an announcement next week," he said.
Ali said raising money through public offering would boost his company's, Unique Resorts', standing and prestige. "It is also much cheaper than bank credits," he said.
When contacted, Beximco vice-chairman Salman F Rahman refused to make comment on the purchase of a stake in Westin. Sources, however, confirmed Beximco has already bought a significant stake.
Set up in 2007 at Gulshan, Westin has emerged as the city's leading five-star hotel with occupancy rates averaging high 80s. The hotel managed by US chain hotels operator Starwood has 241 rooms, six restaurants and five meeting venues.
Early this year, Unique Resorts rolled out an ambitious plan to set up three more hotels in Dhaka and Chittagong. Ali said the company was also planning to build a five-star hotel at Cox's Bazar. The four hotels would be operated by Starwood.
Beximco is one the country's leading conglomerates having interests in textile, jute, pharmaceuticals, ceramic, trading and aviation. Most of its companies are listed with the country's two bourses.