Kathmandu: The construction of the Moxy Hotel, being built by MS Group of Companies in Kamaladi, Kathmandu, has reached its final stage.
The four-star premium hotel, with an investment of around Rs 2 billion, is nearing completion.
The hotel, constructed under International Himalaya Hospitality and Hotel, a subsidiary of MS Group, will be managed by Marriott International. It will operate under Marriott’s Moxy brand. Through this Kamaladi-based hotel, Moxy will be making its debut in Nepal.
The hotel is being built at a cost of Rs 1.85 billion, of which Rs 730 million is being taken as a bank loan, while Rs 1.12 billion has been raised through equity. Accordingly, the debt–equity ratio stands at 40:60.
Registered as a private company in 2017, it was converted into a public company in June 2022. Spread across 1.20 hectares of land, the hotel will feature 110 rooms.
For the purpose of both long-term and short-term financing of Rs 730 million, the company has received a BB+ credit rating. Out of this, Rs 640 million accounts for long-term loans and Rs 90 million for short-term loans.
The hotel will offer various modern facilities, including a swimming pool, health club, beauty spa, and salon services.
The company has seven directors. Gaurav Agrawal is the chairman of the company and also the chairman of Shikhar Insurance. The hotel’s Managing Director, Sumit Kumar Agrawal, oversees hotels under MS Group. He is also the chairman of Marriott Hotel (Everest Hospitality and Hotel) and a director of Fairfield by Marriott (Nepal Hospitality and Hotel).
This will be the fourth Marriott-branded hotel in Kamaladi, Kathmandu.
After Fairfield, Kathmandu Marriott, and Aloft Kathmandu, Moxy will be the fourth hotel. Aloft Kathmandu is part of the Aloft brand chain, while the other two are managed directly by Marriott. Moxy will also be managed by Marriott, making it the third hotel under Marriott management in Nepal.
MS Group is owned by renowned Nepali businessman Shashikant Agrawal. The hotel was initially scheduled for completion and operation by 2025. Although the COVID-19 pandemic caused some minor delays, the project has been completed on time, according to Agrawal.
Speaking to Clickmandu, he said, “Some minor works remain, but we are preparing to launch before Dashain.” He expects the hotel to open possibly by the end of Bhadra (mid-September).
Specially designed to target young people, the hotel is said to be different and more happening compared to traditional hotels. It will feature a bar, all-day dining outlet, takeaway, rooftop bar, fitness center, and an outdoor pool.
Comment Here