Balboa Bank & Trust, will support the Micos Beach & Golf Resort tourism project providing a loan for $2.5 million.
Diana Villeda, chief financial officer of Tela Bay Tourist Development (DTBT in Spanish) announced that an amendment will be made to the syndicated loan agreement, integrating this contribution and bringing the total credit to $26 million.
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.
The touristic development, to be located in the Tela Bay, finally landed funding from 5 financial institutions.
Ficohsa, BAC Honduras, Ficensa, Guatemala's "Banco de Desarrollo Rural" and Panama's "Banco Pichincha" approved a $24 million structured credit to fund this initiative.
Javier Atala, manager of Ficohsa Bank, noted that this project will contribute to the tourism industry and will help promote Honduras as one of Central America's leading tourist destinations.
$5 million will be invested in developing a golf course in the Honduran touristic project known as “Los Micos Beach and Golf Resort”.
The 18-hole course will be designed by Gary Player, a renowned designer with over 300 golf courses around the globe, and will be funded with resources from the investors behind the group called “Desarrollo Turístico Bahía de Tela”.
$43 million will be invested in developing the second stage of this Honduran tourism project, between July 2010 and October 2012.
The new stage comprises a 120-room, 5-star hotel and an 18-hole golf course, plus a golf club, commercial spaces, a beach club and complementary infrastructure.
Its developers will soon start commercializing lots and residential villas.
The touristic endeavor started with the construction of the first of two hotels, after the government completed basic infrastructure works.
Juan Canahuati, president of the board of project Los Micos Beach & Resort, explained that one of the hotels belongs to Westin Hotel Resorts, and the other to Conrad Hotel and Resorts.
The cost of the first hotel would be close to $102 million, according to newspaper Laprensa.hn.
Only Honduras, of the seven countries in Central America, offers all of these tourist attractions, making it a major draw for high-end hospitality and tourism investment.
Fepresentatives of FIDE, the country's investment promotion agency, extolled their country's tourism attributes and investment potential in Guatemala last week at the first Central America Tourism & Hotel Investment Exchange (CATHIE), and earlier at an Americas-focused conference in Los Angeles, California, seeking investors and managers for a mosaic of luxury projects underway in Honduras.
Only Honduras, of the seven countries in Central America, offers all of these tourist attractions, making it a major draw for high-end hospitality and tourism investment.
Fepresentatives of FIDE, the country's investment promotion agency, extolled their country's tourism attributes and investment potential in Guatemala last week at the first Central America Tourism & Hotel Investment Exchange (CATHIE), and earlier at an Americas-focused conference in Los Angeles, California, seeking investors and managers for a mosaic of luxury projects underway in Honduras.