$ 42 Million for Construction of “Green” Hotels in CA

The IDB approved the funding mechanism to develop at the most eight Marriott hotels.

Wednesday, December 15, 2010

The Inter-American Development Bank (IDB) approved U.S. $ 42 million in long-term loans to finance a maximum of eight Marriott hotels, to be developed by Caribe Hospitality SA in Costa Rica, Nicaragua, Guatemala, Panama, Jamaica, Trinidad and Tobago, and Mexico as long as they comply with environmental standards and sustainability requirements.

To receive the funding the hotels must be certified by Leader in Energy and Environmental Design (LEED). LEED, which has become the dominant standard for green building design, requires buildings to meet specific benchmarks in areas such as energy conservation, efficient water use, CO2 emissions, indoor environmental quality and resource management.

In addition to its economic and environmental benefits, LEED certification can be a powerful marketing tool that could generate higher earnings and more jobs in tourism and hospitality.

In Latin America and the Caribbean, most LEED certified buildings so far are office or retail space located primarily in Mexico and Brazil.

Caribe Hospitality S.A., based in Costa Rica, was created to develop hotels operated by Marriott in Central America and the Caribbean.

The first hotel to be financed under the program is a 127 room Courtyard Marriott in Alajuela, near the Juan Santamaría International Airport, 20 kilometers from San José, Costa Rica.

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