BAKU, Azerbaijan, December 18. The European Bank for Reconstruction and Development (EBRD) has approved a 46.8 million euro loan to CIMEX Group, a major hospitality operator in Czechia, as part of a larger 140.4 million euro syndicated loan facility with UniCredit Bank and Raiffeisenbank, Trend reports.
CIMEX Group, one of Czechia's largest private real estate investors, operates OREA Hotels & Resorts, the country’s largest hotel chain. The funds will be used to modernize and renovate its hotels, focusing on improving energy efficiency and meeting higher BREEAM certification standards. These upgrades aim to enhance guest experiences, support business growth, and align the hotels with evolving environmental standards.
As tourism plays a significant role in Czechia's economy, these renovations come at a crucial time as the country’s tourism sector continues to grow. The improvements, coupled with a focus on customer service, are expected to strengthen the appeal of OREA Hotels & Resorts to the increasing number of tourists visiting the country.
In addition to the hotel upgrades, CIMEX Group will invest in workforce development, offering accredited internal training programs. These programs will focus on digital skills, finance, sales, marketing, and human resources, with particular attention to workers aged 50 and above. The goal is to enhance career opportunities for these employees and improve their prospects within and outside the tourism sector.
This project aligns with the EBRD’s real estate strategy, which emphasizes the integration of green features in construction and renovation, as well as the importance of strengthening human capital through training programs that enhance employment opportunities.
The EBRD resumed investments in Czechia in 2021, supporting the country's recovery from the economic impact of the COVID-19 pandemic.