Panama: $47 Million for Tourism Project

CIFI and BID Invest authorized a loan for West Report S.A. to develop, build and operate a hotel complex in Bocas del Toro.

Thursday, February 13, 2020

The new hotel, which will have 118 rooms, several restaurants, a spa and other meeting places for its guests, will be operated under the brand name Viceroy Hotels and Resorts, reported CIFI.

You may be interested in "Tourism and Travel: Consumer Interests and Preferences" and "Central America: $766 million in Tourism Projects"

From the CIFI statement:

Panama, January 8th, 2020. The Inter-American Corporation for Infrastructure Financing (CIFI) and IDB Invest closed a $46 million secured credit facility in "Senior Loans" to West Report S.A. West will use the proceeds of the Senior Loans to develop, build, operate and maintain a 118-room resort that will be operated under the brand name Viceroy Hotels and Resorts in Bocas del Toro, Republic of Panama.
 
The project, which will include several restaurants, meeting facilities, and a spa, will contribute to the economic development of the area by providing direct and indirect employment, training, and integrating the work of local farmers and SMEs into the hotel supply chain.

The establishment will be developed on a 10 hectare plot, within the 185 hectares that make up the Master Plan for the Development of the Almost Heaven Tourist Complex, located on the coasts of the Caribbean Sea. Its construction will begin this month and it is estimated that it will be inaugurated in January 2022.

In order to contribute to the protection and conservation of marine species within the project area, a Biodiversity Action Plan will be developed, which will include a conservation proposal associated with the sighting of marine species, a sea turtle nesting inventory and a macrofauna inventory of the sea grasses in front of the project. These activities will be coordinated with the regional authorities of MiAmbiente.

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More on this topic

$200 Million Investment in Tourism Announced

June 2019

The Canyon Group plans to invest more than $200 million in the construction of its first resort in Central America, which will be on the Papagayo Peninsula in Guanacaste, Costa Rica.

Without specifying the start date of construction of the new resort, which will be part of the brand of hotels "Six Senses", the developers of the project reported that the hotel is expected to be ready in mid 2021.

Real Estate Investment in Nicaragua

March 2018

Construction has started in Tola of a mixed tourist complex estimated at $20 million which includes 12 houses, a four-story tower with 18 apartments and a commercial area.

Travis and Lucas Boychuk, promoters of the tourism project that will be located in Gavilán beach, reported that for the tourism development called "Surf Ranch Hotel & Resort-Emerald Coast Popoyo", they will be building condominiums, apartments, restaurants, an events center, commercial premises, swimming pools, a spa, casino, gym and other amenities.

Second Stage of Los Micos Beach Starts

September 2011

With the first payout of a $15.9 million from a syndicated loan worth $24 million, construction of the second stage of the tourism project in Honduras will begin.

The banks, Ficohsa, BAC Honduras, Ficensa, Rural Development Bank in Guatemala and Panama's Banco Pichincha had already approved a syndicated loan of $24 million to finance the tourism project.

Westin Resorts Announces Hotel in Costa Rica

October 2010

By May 2011 it plans to open the Westin Resort & Spa Playa Conchal.

The Westin Playa Conchal Resort & Spa is Starwood's first property in Costa Rica in 20 years and the newest member of the Westin Resorts brand, which has 40 centers in the world's most coveted tourist destinations.

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