Shebandowan Holdings S.A. (the “Borrower”) is a special purpose vehicle established for the development, construction and operation of a historic heritage boutique hotel featuring an expansive food & beverage offering including five restaurants in Casco Antiguo (Historic District of Panama), within the Municipality of San Felipe, Panama (the “Project” or “Hotel La Compañía” or the “Hotel”).
The Project is a brownfield sustainable tourism transaction in a C country which will contribute to the economic and social development of the Municipality of San Felipe, and especially Casco Antiguo, through the provision of direct and indirect jobs and the integration of local farmers, fishermen and SMEs into the tourism value chain.
The Hotel La Compañía Project consists of the renovation and restoration of four buildings into a mixed-use hotel, restaurants, and retail spaces within one block (block #29) inside the Casco Antiguo district. The Project is located at a short distance from the Cathedral, main city plaza, the Presidency, the Ministry of Foreign Relations, and the Museum of the Panama Canal; among other important governmental and culture locations. This Hotel will be developed in the original site where La Compañía de Jesus first settled in Panama back in the 16th century. At present, the city block (between Av. Central and Av. A, and Calle 7a Oeste and 8a Oeste, in Casco Antiguo) where the proposed Project will be located, consists of ruins of inhabited buildings. One of the buildings dates back to approximated 1680; while the other was built in 1739. However, both
Between the four buildings of the Project site, there is a large courtyard which, together with the ruins of a church, belongs to the Tourism Authority of Panama (“ATP” for its acronym in Spanish). The government has given the rights in a custodial agreement to Hotel La Compañía to use the courtyard for twenty years in exchange for renovating and maintaining it as a public garden; with the option for renewal for another 20-years.
 Law 91, of December 22, 1976; which regulates the historic monumental complexes of Panama Viejo, Portobelo and Casco Antiguo of Panama City.
 World Heritage Committee at its 21st session, meeting in Naples, Italy, December 1st to 6th, 1997.