IDB Invest, a member of the Inter-American Development Bank (IDB) Group, provided a $5 million loan to Caribe Hospitality S.A., one of the most important hotel developers in Central America, for the construction and operation of a sustainable corporate hotel in Alajuela, Costa Rica.
This transaction will contribute to the availability of quality lodging infrastructure to support the growth of the corporate sector in Alajuela and the capital, San José, located 20 kilometers away. It is estimated that the project will generate direct and indirect jobs and help position the area as an emerging corporate hub. In addition, small and medium-sized local businesses will be incorporated into the hotel’s value chain.
The 120-room hotel, located within the Mango Park complex, will be operated by Marriott International under the Fairfield brand and will cater to the lodging needs from nearby free trade zones, logistics companies and the newly opened convention center. Demand is expected to be derived from corporate travelers, meeting attendees, and overnight layover passengers, given its proximity to the international airport. In addition, it will aspire to obtain the LEED Silver (Leadership in Energy and Environmental Design) certification, further promoting energy efficiency and sustainable consumption in the tourism sector of Central America.
This project potentially contributes to two of the Sustainable Development Goals (SDGs) established by the United Nations General Assembly: Decent Work and Economic Growth (SDG 8) and Partnerships for the Goals (SDG 17).
About IDB Invest
IDB Invest, member of the Inter-American Development Bank Group (IDB), is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social and environmental development in the region. With a portfolio of $12.4 billion in asset management and 342 clients in 24 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a variety of industries.
About Caribe Hospitality S.A.
Caribe Hospitality is an experienced developer with a strong track record. Since 2000, it has developed twelve properties (all affiliated with Marriott International) in Costa Rica, Dominican Republic, Barbados, Trinidad and Tobago, El Salvador, Mexico and Jamaica. Caribe Hospitality recently opened in September 2018 the 126-room AC Hotel by Marriott in San José, Costa Rica, the first lifestyle property in its portfolio, and is partnering with a leading developer in Puerto Rico for the development of a 177-room Aloft, which is currently under construction and estimated to open in February 2020.