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Creating a Hospitable Environment in Jamaica

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Investment summary
Client

Caribe Hospitality S.A. / Courtyard by Marriott Kingston

Country

Jamaica Jamaica

Tenor

11 years

A-Loan

$6.8 million

Total project cost

$42 million

Year of Closing

2014

Co-lender

IFC

Equity investors

Caribe Hospitality S.A., PanJam, Mouttet Capital and IFC

Project Description

Located just across the street from Emancipation Park—an oasis of green in Kingston, Jamaica—the Courtyard by Marriott has its own green credentials. It is 30 percent more energy efficient and 16 percent more water efficient than a standard building, and produces 5 percent of its energy needs onsite through rooftop solar panels.

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The 130-room hotel, which opened for business in late 2015, set a good example by becoming the first building in Jamaica to be certified under the LEED green building rating system. (The acronym stands for Leadership in Energy and Environmental Design.)

The IDB Group provided long-term financing for the project as part of a $44 million LEED Financing Facility designed to enable Caribe Hospitality S.A. of Costa Rica to develop as many as eight Marriott-operated hotels in Central America and the Caribbean. As important as it is for a project to be environmentally sustainable, the IDB Group also puts a premium on social sustainability. When the Kingston Courtyard was under construction, we looked at how to build long-term “shared value” by benefiting the community in a way that would also make good business sense. Two priorities were identified: creating job opportunities for urban youth and incorporating small vendors—especially women entrepreneurs—into the hotel’s supply chain.

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As a first step, several young men were brought onto the construction site as paid interns; with the skills they developed, they later went on to full-time employment.

Since the hotel opened, Marriott has implemented its own paid internship program for at-risk youth and has cultivated local, women-owned businesses to make employee uniforms, whip up tasty desserts and supply fresh fruits and vegetables, among other tasks.

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The hotel, certified as LEED Silver, is setting an example as an environmentally and socially sustainable business.