Five-star hotel underway

$200 million- luxury development for Beirut Central District to be managed by international hotel chain

Bachoura 987, a company registered in Lebanon, will develop a five-star luxurious hotel in Beirut Central District.

The General Manager of Bachoura 987, Sabah Barakat, received on Friday (March 16) a package deal contract from the Investment Development Authority of Lebanon (IDAL). The project’s total cost is estimated at more than $200 million.

Barakat said that the hotel will be managed by an international hotel chain.

The hotel will offer 153 rooms, 62 suites, and 35 furnished apartments. It will also include a number of restaurants and a health club with a pool.
It will also have several halls for hosting different events, including business conferences. The project will bring 250 jobs.

The package contract fully exempts the project from income tax and taxes of dividends for a period of up to ten years. It will also benefit from a 50 percent reduction on construction permits and on residence permit fees for foreign workers. The project will be fully exempt from land registration fees and property insurance taxes.