Monaco: The International Olympic Committee on Tuesday unveiled plans for new headquarters in Lausanne to accommodate growing staff and centralise its operations by 2020.
The IOC said the new building, on the site of their current HQ on the shores of Lake Geneva, would cost a total of 160 million Swiss francs ($164.34 million) and would provide more space for the growing organisation and its 450 staff.
The IOC, which has added staff in the past year and expects more personnel to join with the creation of an Olympic TV channel, said it would take out a 20-year loan for the construction, expected to be completed in six years, despite having its own reserves of about half a billion dollars.
The IOC Session, on its final day in Monaco, also chose Peruvian capital Lima as the hosts of their 2017 session that will elect the host city for the 2024 summer Olympics.
Germany will bid for those Games with either Berlin or Hamburg while a U.S. city is also expected to join the race. Bids are also likely from Rome, Paris, Budapest, Doha, Istanbul and an African city as well.