Nepali investors purchase Summit Hotel

17 October 2012

Two Nepali investors have purchased Summit Hotel from Foundation Nepal Holland House (FNHH). The Dutch group had been running the three-star hotel since 1978.

According to Beed Management, which was hired as an advisor to the seller, Amrit Shakya and Subarna Shrestha have completed purchase of the Kupondol-based hotel. Sujeev Shakya, CEO of Beed Management, said the transaction was completed on Monday. He, however, did not disclose the transaction amount.

“We were working on this project from the last one and half years,” Shakya said, adding, “The expertise within the Beed team has contributed in reaching a good transaction result for both the Dutch shareholders as well as the new Nepali shareholders.”

Cas Stopplelaar, chairman of FNHH, has expressed his appreciation for being able to run a prime hotel in Nepal. “We are happy to successfully run the hotel for 32 years,” the statement quoted Stopplelaar as saying.

The hotel is popular for wide range of accommodation with different tariff and facilities. It has 73 rooms including eight deluxe apartments.

The room tariff starts from Euro 25 and Garden Wing room costs up to Euro 112 plus taxes. The hotel has features like restaurant, bar, spacious garden and outdoor pool, beauty salon and conference halls, among others.

Summit Hotel is among the favorite hotels of adventure travelers of different countries. The hotel also attracts executives from development organization and business community, according to the statement.

Beed Management has been involved in many transactions including acquisition of Gokarna Forest Resort by Yeti Group, the statement added.