Kathmandu: Nepalese life insurer Asian Life Insurance has acquired a 40 percent stake in Mountain Glory Hotel Pvt. Ltd. The Hotel owns and operates Mountain Glory Resort and Spa in the tourist city Pokhara.
The property is spread across 7.42 acres of land. It has a total of 64 keys. The luxury resort offers a restaurant and bar, a swimming pool, a spa, and a fitness center along with a large banquet.
According to the Care rating agency, the hotel was built with an investment of NPR 1.17 billion. The credit rating report published in 2022 states that the hotel incurred a loss of NPR 118 million amid high depreciation and interest expenses. The hotel is in operation since July 2019. It will take another 5 years for the hotel to generate enough revenue for profit.
Asian Life is a pioneer life insurer to make investments in the hotel industry. Earlier, it had made an investment in the four-star hotel Hotel Crowne Imperial.
