Accra (Greater Accra), 14th May ?99 -

The 25.69-million-dollar Atlantic Hotel, Takoradi, redevelopment project is finally set to begin by the last quarter of this year.

Mr Simon Ford, Director of Technical Services of the US-based BASS Hotel and Resorts (BHR), major financiers of the project, made this known when he and his entourage called on Mr Mike Gizo, Minister of Tourism, in his office on Thursday.

He said the proposed redevelopment is based on the upgrading and expansion of the existing 70-room hotel into a 200-room four-star international resort hotel.

It would be renamed Holiday Inn Resort and will be run by a new management.

A franchise agreement has been concluded between BHR, owners of a 3,000-hotel chain across the globe, under the brand name of Holiday Inn Resort, and Atlantic Hotel Limited (AHL)

Under the agreement, BHR would provide 40 per cent of the total project cost.

Eighty-five per cent of the remaining 60 per cent would be provided by the US-based Exim Bank on loan to AHL. The remainder will come from local sources.

Mr Kwesi Agbley, Project Co-ordinator, said the final stage of the design has been concluded and is awaiting approval by the BHR, "after which our financiers would release the funds for the project to start within the next four months."

A representative of Taylor Woodrow Construction Company, contractors for the project, assured the minister that it will take 24 months to complete.

"When completed, the hotel will be the only international hotel in the Western Region and would provide 350 direct jobs and stimulate activity in other related sectors."

Mr Gizo noted that the country is faced with a huge shortfall in hotel accommodation.

He said the situation impedes efforts being made by the ministry under its 15-year development plan to make tourism the leading foreign exchange earner.

Mr Gizo said the ministry is therefore keen to see the project completed in the earliest possible time.

He urged that Holiday Inn Resort should depict Ghanaian culture to help promote tourism and asked the investors to consider putting up similar resorts in other parts of the country.