Five Star Tiger Palace Resort is now operational with new management
Rupandehi, Aug 21: The Tiger Palace Resort in Rupandehi was sold a few days ago and is being operated by the new management. Non-resident Nepalese have bought this hotel, which is being operated by the Australian company Silver Heritage Group Limited.
Silver Heritage Group invested in Nepal through its subsidiary company, Silver Heritage Limited. The non-resident Nepalese purchased the hotel through Himalayan Tiger Investment Inc., established in the United States of America. Last week, the acquisition was announced at a press conference.
Subedi, the chairman of Himalayan Tiger and the outgoing chairman of the Non-Resident Nepali Association of America said that due to some complications, including the court order in Nepal, even if they buy and sell in Hong Kong, he also promised to pay all the obligations owed here. “We have not come to Nepal to make a big profit; we have done work abroad; we have come to contribute to the motherland as well; we will do business by paying all the liabilities that we have to pay to the government,” he said.
Subedi said that depending on the bank loan liability of the resort and other business liabilities and the losses incurred so far, about 4 Arba to 5 Arba Nepalese rupees will be spent. This amount is based on the expenses incurred for the purchase of shares. It has also been informed that 2 Arba is yet to be paid by paying off all types of hotel loans. Silver Heritage had invested about 5 Arba rupees in Nepal to operate this resort and do casino business.
About 1000 Nepali people got direct employment in the resort, and the casino operated in it, and it was also paying millions of rupees in revenue to the government of Nepal. Due to the COVID epidemic and internal disputes during the resort’s operation, the resort could not be fully operational for some years. The resort was incurring a loss of crores of rupees. Since the resort could not be fully operational, the Nepali people lost their jobs, and the government’s revenue was also losing crores of rupees.
The resort was not able to pay the principal and interest owed to the bank in Nepal. Subedi informed that this resort project, operated with direct foreign investment, was about to be closed and that they bought the shares because they were sending a wrong message, even abroad, that there is no foreign investment environment in Nepal. Subedi operates hotels of major international chain brands such as Hyatt, Holiday Inn, Hampton, and Wisdom in America.
The group, including him, runs hotels in Chicago, Washington DC, North Carolina, Louisiana and other places in America. Subedi in Himalayan Tiger, Kul Acharya, one of the current presidents of the Non-Resident Nepali Association, Deepak Gautam, outgoing president of Canada Chapter, Dr. Keshav Paudel and others have invested.
For more information, please visit the company website, Tiger Place Resort. Similarly, you can also book directly or from third-party booking webiste such as Trip Advisor, booking.com and so on. A few links are as below.