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Practical informations / Guarantee fund / “RENOVOTEL” Hotel Renovation Fund |
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“RENOVOTEL” Hotel Renovation Fund
Object of Fund:
Co-financing eligible hotel renovation projects with banks.
Eligible companies:
Hotels complying with the following requirements:
- To be in service currently and to have a minimum of 7 years of service.
- To feature on the comprehensive list compiled by the hotel-rating commission.
- To be viable and to submit a hotel renovation programme.
Maximum cost of renovation projects:
The maximum cost per room is set as follows:
Hotel category |
Maximum cost per room |
5 star hotel |
MD 200,000 |
4 star hotel |
MD 150,000 |
3 star hotel |
MD 100,000 |
2 star hotel |
MD 80,000 |
1 star hotel |
MD 60,000 |
holiday club & resort |
MD 130,000 |
holiday accommodation |
MD 120,000 |
hostels |
MD 80,000 |
B&BS are not eligible to RENOVOTEL financing.
Financing renovation programmes:
Through stock capital and/ or self-financing and joint-loans, according to the following ratios:
- Stock capital and/or self-financing: 30% minimum of project cost.
- RENOVOTEL loan: 35% maximum.
- Bank loan: 35% maximum.
The RENOVOTEL ratio must be equal to the bank ratio.
Terms and conditions of joint loans:
- Duration: up to 10 years, with a deferment of up to 2 years.
- Interest rate: 2% VAT exclusive per year for the RENOVOTEL share. The rate applicable to the bank loan is negotiable.
Securities:
Pari-passu between the CCG and the bank.
Bank loan guarantee:
The bank loan can be guaranteed by the CCG.
Processing lead time for applications:
- 10 working days maximum for renovation programmes with an overall cost not exceeding MD 10,000,000
- 20 working days maximum for renovation programmes with an overall cost exceeding MD 10,000,000
