The European Bank for Reconstruction and Development (EBRD) is lending €46.8 million to CIMEX Group, a hospitality operator in Czechia. The EBRD financing is being provided as part of a €140.4 million syndicated loan facility with UniCredit Bank and Raiffeisenbank.
CIMEX Group, a private real estate investor in the Czech Republic, owns and operates OREA Hotels & Resorts, the largest hotel chain in the country. It will use the EBRD’s investment to modernise its hotels, carrying out extensive renovations and energy efficiency improvements. This will enhance guests’ experience, foster business growth and align hotels with higher BREEAM certification and energy efficiency standards.
As a growing European tourist destination, Czechia relies heavily on its tourism sector for economic growth. As part of the project, CIMEX Group will also focus on upskilling its workers, developing accredited internal training programmes to improve their digital skills, as well as competencies in finance, sales, marketing and human resources. These training programmes will equip workers aged 50 and above with market-relevant skills, help their career progression, and significantly improve their employment prospects outside the company and the tourism sector.
This project is aligned with the EBRD’s new real estate strategy, which highlights the importance of incorporating high-quality green features in the construction and retrofitting of buildings, as well as strengthening human capital resilience by implementing training programmes that create employment opportunities.
The EBRD resumed investing in Czechia in 2021, following the authorities’ request to help with the recovery from the coronavirus pandemic.
Photo source: EBRD
