Company name
Hoteles On Vacation
Project number
14971-01
Category B projects have potential environmental and/or social impacts and risks that are less adverse than those of a Category A and which are generally limited to the project site, largely reversible and can be mitigated via measures that are readily available and feasible to implement in the context of the operation.
E&S category
B
Country
Colombia
Sector
Tourism
Status
Approved
Disclosed date
08/12/2024
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
09/30/2024
Approval date
09/30/2024
Signed date
N/A
Sponsoring entity
N/A
Investment Operations Department Contact
Corporates Division
Investment type
Syndicated amount
USD $ 5,000,000
Financing amount
USD $ 32,000,000
Currency
COP, USD
Project scope and objective
Tour Vacaciones Hoteles Azul S.A.S. BIC (the “Company” or “On Vacation”) is a Colombian-based company that operates 11 hotels under the On Vacation brand. Founded in 2009, it has distinguished itself by offering vacation experiences in iconic Colombian destinations such as San Andrés, La Guajira, and the Amazon. As a vertically integrated company, it provides all-inclusive packages that include lodging, agency, transportation, and entertainment. Its goal is to provide families with affordable vacation packages, guaranteeing a constant level of service, comfortable accommodations, and a wide variety of amenities and activities.
On Vacation is seeking a line of credit of up to US$12 million committed, and another US$20 million uncommitted. The primary purpose of this financing is to support its growth and expansion plans. In addition, it intends to invest in solar solutions to provide renewable energy to its properties located in the Amazon and La Guajira. It also plans to refinance part of the financial debt and establish a revolving working capital facility. The Company aims to strengthen its impact and sustainability practices, and therefore wishes to leverage IDB Invest's experience and advisory services to amplify its sustainability programs at a national level, thereby elevating its social and environmental commitment.
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Contact information
For inquiries, comments and information requests about the project
Request informationAlternatively, you may also use the following contact information :
Client Contact
mdiaz@onvacation.com
PHONE NUMBER
n/a
POST OFFICE ADDRESS
Carrera 46 #94 - 73 Bogotá, Colombia
IDB Invest Contact
requestinformation@idbinvest.org
PHONE
+1(202)-566-4566
ADDRESS
1350 New York Ave NW, Washington, DC 20005
COUNTRY OFFICES
IDB Invest Country OfficesIndividuals or communities can submit complaints and concerns related to environmental, social, or corporate governance issues to the Management Grievance Mechanism by e-mailing mgm@iadb.org or by calling +1 202 312 4040.
As a last resort, affected communities have access to the IDB Invest Independent Consultation and Investigation Mechanism by writing to mecanismo@iadb.org or MICI@iadb.org or calling +1(202) 623-3952.
IDB Invest has zero tolerance to reprisal or retaliation against anybody who voices its opinion or opposition to IDB Invest-financed projects.
For inquiries, comments and information requests about the project
Request informationLearn more about how we provide private-sector solutions in the region .
Environmental and social review
IDB Invest conducts an environmental and social due diligence (ESDD) commensurate with the nature, scale, and stage of the project, and with its level of environmental and social risks and impacts. The ESDD will confirm the project E&S categorization and assess the project with respect to the client requirements in IDB Invest Environmental and Social Sustainability Policy. The results of the ESDD, including any identified gaps are described in the Environmental and Social Review Summary (ESRS) provided below. For projects approved as of 2016, any gaps with respect to IDB Invest's Environmental and Social Sustainability Policy at the time of the ESDD are addressed in the Environmental and Social Action Plan (ESAP) presented below, to comply with the date mentioned above.
ON VACATION SUSTAINABLE TOURISM - ENVIRONMENTAL SOCIAL REVIEW SUMMARY (ESRS)
389.1 Kb
ON VACATION SUSTAINABLE TOURISM - ENVIRONMENTAL SOCIAL ACTION PLAN (ESAP)
143.4 Kb