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TriGránit to build €40 mln resort in Seychelles

Budapest-based property developer TriGránit Rt signed a contract in London on Monday with Shangri-La Hotels and Resorts to build a €40 million resort on one of the Seychelles Islands, the company announced. The resort will be completed in 2007. The idea to build the resort on the island, which is currently being used as a prison, came from Csaba Bíró, the former manager of the Hilton Hotel at Budapest's Westend City Center, which TriGránit also built, TriGránit CEO Sándor Nyúl told national daily Népszabadság. TriGránit will pay for a quarter of the cost of building the resort with its own resources. The rest will come from long-term bank loans.