Beximco Group, one of the largest business conglomerates, has entered the hospital sector by investing around Tk 160 crore in the Westin hotel.
Beximco will own around 5 percent of equities in Unique Hotels and Resorts, the owning company of Westin Dhaka.
Unique has also made its expansion plans and seeks to raise funds from stockmarket in July.
Initially, Unique will raise 25-30 percent of the total cost of expansion, which stands at Tk 2,500 crore, said Md Noor Ali, managing director of the company.
Unique yesterday signed a deal with Beximco Group on the Tk 160 crore investment.
“This is nothing massive. We just want to mark our entry into this sector,” said Salman F Rahman, deputy chairman of Beximco Ltd. Rahman and Ali signed the deal at the Westin.
The funds will be used to increase the hotel's capacity to 441 rooms from 241 now and build a banquet hall with a capacity to seat 2,000 people.
Ali said the agreement with Beximco is part of Unique Hotel and Resort Ltd's expansion plan.
“Unique Hotels and Resorts Ltd plans to issue an initial public offering of 25-30 percent of the Tk 2,500 crore expansion project,” Ali said. He said the company is all set to issue an initial public offering next month.
Beximco had earlier invested in local airline GMG and took the lead. This move was in line with the company's vision to enter the hospitality and tourism industry.
Beximco comprises five publicly listed companies and 16 other entities that are involved in pharmaceuticals, ceramics, textile and garments.