Group Expects to Break Ground for the First Five-Star Hotel in Late Spring 2010
“There are currently two projects approved for funding by the Algerian Government,” said Hamre. “The first project, a five-star hotel with a convention center to be built in Algiers, is expected to break ground in the spring of 2010. The approximate value of the project is $60 million. The second project, another five-star hotel and convention center, will be built in Boughazoul, Algeria. We expect to break ground on this project beginning 2011. In addition to our 10 percent ownership in NewCo, AmeraMex will be providing all heavy equipment for NewCo’s projects,” added Hamre.
NewCo will have strong relationships and expertise in all phases of commercial and infrastructure construction, which will allow the company to bid on a wide variety of complex projects, including new bridges and highways, sewage treatment facilities, office buildings, and hotels throughout Algeria and other North African countries.
After 10 years of political instability and economic stagnation in Algeria, many large-scale development projects are now underway and will begin to bring the country into the 21st century and give it a new and modern face. Approximately 10 percent of the population is employed in the construction and public works sector, which has become a significant motor for economic growth, accounting for eight percent of GDP. About 70 percent of the $145bn 2005-09 Programme for the Support of Economic Growth is allocated for housing and infrastructure. Although the construction sector is almost exclusively led by public investments, it seems likely that this will change with time. The liberalization of the Algerian market will certainly help the construction sector, as will the arrival of foreign companies.
About Marchetti Construction
Marchetti Construction is a general contractor active in new construction and specializes in renovation projects with emphasis on negotiated fast-track commercial work. Offerings range from feasibility studies, conceptual estimating and contract management to quality and cost controls. The company is known for its work with large hotel chains including the Hilton and Marriott. Well-known projects include the Westin St. Francis Hotel in San Francisco, the Claremont Hotel in Berkeley, and the remodel in New York of the world famous Plaza hotel.
About AmeraMex International
AmeraMex International sells, leases, and rents heavy equipment to companies within four industries: construction (light and infrastructure), shipping, mining and logging. AmeraMex’s largest product line is specialized container handling equipment that enables stevedoring companies to quickly and efficiently load and offload container and general freight ships dockside. AmeraMex, with customers in North America, South America, Asia, and Eastern Europe, has over 30 years of experience in heavy equipment sales and service and inventories top-of-the-line equipment from manufacturers such as Taylor Machine Works Inc. and Terex Heavy Equipment. For more information visit the AmeraMex website, www.AMMX.net.
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