West Resort

West Resort S.A. (the "Borrower") is a special-purpose vehicle established for the development, construction and operation of a 118-room hotel affiliated with the Viceroy Hotel Group ("Viceroy") brand in Bocas del Toro, Panama (hereinafter the "Project" or the "Hotel"). 

This proposed Hotel will be developed by Starfish Ocean Investment S.A. and Corvan Ventures Ltd. (The “Sponsors”), investment vehicles established for the development of the Project. The sponsoring entities' investors have more than 40 years of experience in the real estate sector in Latin America, Europe and Asia, and have built more than 500,000 m2 of buildings including shopping centers, offices, warehouses and residential condos. The development team has extensive experience in the hotel sector, especially in the operation of hotels in Europe and the development of resorts in Central America. 

The Hotel will be developed in an approximately 10-hectare lot that is part of Casi Cielo’s master plan, a lot of approximately 185 hectares that considers other tourism uses. The Hotel will have several restaurants and bars, meeting rooms, a spa and a wide variety of complementary recreational services.

The Project’s total cost will amount up to $95.8 million and will be financed with a combination of the sponsor's capital stock and a loan from IDB Invest and a co-lender. IDB Invest will provide a loan of up to $38.3 million, structured as a 13-year senior secured loan.

The proposed financing is aligned with IDB Invest's mandate, as it contemplates a sustainable tourism transaction on a greenfield site. The Project will contribute to the economic development of the Bocas del Toro region through the generation of direct and indirect employment, training and education of members of the surrounding communities, and the integration of local farmers and small businesses into the tourism value chain. In addition, the Project will implement sustainability initiatives that will become an example for future projects in the area.