Peninsula hotel to invest Tk 2.0b

The Peninsula, luxury hotel in the port city, will invest Tk 2.0 billion to expand its services at Patenga area near the Shah Amanat International Airport in Chittagong.

It wants to serve international air passengers, air and marine crews and foreign business delegates from its planned unit.

"We'll begin our Patenga project this year and is expecting to complete by 2016," Peninsula Managing Director, Mr. Mustafa Tahseen Arshad, told the FE in an interview recently.

Mr. Arshad, a US-based graduate in engineering, said the most of the funds required for investing its new unit will come from general public.

The engineer-turned businessman said: The Bangladesh Securities and Exchange Commission has already approved our IPO (initial public offering) proposal worth Tk 1.65 billion including Tk 20 premiums.

Shah Amanat International airport will be having more international flights in future which will trigger the need for accommodation, he noted.

Mr. Arshad who was a successful IT entrepreneur in the USA said the boarders will get exactly the same services as it provides from its main establishment in Chittagong.

Mr. Arshad was a successful IT businessman in the USA before moving back to Bangladesh in 2002.

He observed that due to excessive traffic congestion on route to and from airport, it is becoming extremely difficult for the airlines crews and connecting passengers.

"Most of the international airports in the world have an airport hotel to cater layover passengers as well as airlines crews, but the port city lacks it," he observed.

"We want to take the opportunity by setting up an international standard unit which will not be high rising building for restriction in an airport area, but it will just our another expansion with same facilities," he said.

take their operational ownerships.

Mr Arshad who strongly believes Bangladesh has a bright future ahead said

"We also planned to build a large multi-purpose convention center with MICE facility," he said.

He said people of Chittagong is famous for hospitality.

Most of the local wedding and mezbahn take place in the city require a very large venue to hold up 10,000 or more people with adequate parking and service facilities, he noted.

We'll also do such type of conventional centre in the port city," he told the FE.

Mr Arshad said his hotel is currently adding to 22 new rooms which are now on final finishing stages.

These 22 new rooms will be adding to existing 122 to make a total of 144 rooms with 3 dining facilities.

Peninsula is planning to invest the IPO fund on bigger and better facilities with more than 280+ rooms.

"Looking into the future growth of the port city more good hotels are needed to cater future clients," he noted.

Chitttagong became neglected by outsider a bad name was circulating that no good hotels available in city. By providing world class services The Peninsula Chittagong proved everyone what is hospitality all about.

The Peninsula Chittagong began its journey in 2005-2006 by providing luxury hospitality service on an affordable price to the foreigners as well as local people.

It was the only hosting hotel for 2011 Cricket World Cup and it will be hosting all the international cricket teams who will be traveling to Chittagong for the 2014 World Cup T-20.