GEORGETOWN, Guyana – IDB Invest has partnered with Caribbean Green Building to provide US$22 million to develop a sustainable mixed-use tourism project in Georgetown, Guyana, consisting of a 172-room Four Points by Sheraton Hotel, and accompanying conference facility and retail facilities.

The project is expected to contribute to Guyana’s economic development by generating tourism revenue, creating more than 150 jobs during construction and over 60 jobs during operations, and strengthening the local value chain. Located in the South Ruimveldt Gardens district, the project will source up to 40% of food and beverage goods domestically. Additionally, decor and fixtures throughout the property will be sourced in part through a close collaboration with the local Arawak indigenous community.

The hotel’s design features a large solar roof footprint to address the energy requirements of the property and contemplates an expansion of the renewable energy platform once the covered parking lot is completed. Four Points Georgetown is anticipated to be the first EDGE Advanced-certified hotel in Guyana and potentially the first EDGE Zero Carbon-certified hotel in Latin America and the Caribbean.

IDB Invest’s financial package includes a senior loan of US$11 million and US$7 million mobilized from First Citizens Bank and Finabank. In addition, the financing will be complemented by a US$4 million senior loan from the Canadian Climate Fund for the Private Sector in the Americas-Phase II (C2F2) to provide financing and performance-based incentives to implement climate resilience, transition risk, and enhanced climate mitigation strategies.

IDB Invest also provided technical support for the project to achieve EDGE Advanced Certification, demonstrating a minimum of 40% savings in energy use and water consumption once construction is complete, and subsequently achieving and renewing EDGE Zero Carbon Certification during operations. 

Additionally, with IDB Invest technical support, a transition risk analysis was conducted to develop strategies to diversify the project’s demand base and revenue streams with the C2F2 financing providing incentives.  The project is also investing in climate resilience by elevating its foundations to anticipate sea level rise and flood risk, and it is expected to be the first hotel in Guyana to have taken this step. 

IDB Invest’s involvement in this flagship mixed-used project, which blends multiple uses such as commercial and cultural in one space, is e to help catalyze similar climate-resilient initiatives in the hospitality sector and incentivize the private sector to develop responsible sustainable tourism projects in the country, setting the tone and direction for this rapidly expanding sector in Guyana.

Four Points by Sheraton Georgetown is expected to contribute to the following United Nations Sustainable Development Goals (SDGs): Affordable and Clean Energy (SDG 7), Decent Work and Economic Growth (SDG 8), Reduced Inequalities (SDG 10), Responsible Consumption and Production (SDG 12) and Partnerships for the Goals (SDG 17).

About Caribbean Green Building

Caribbean Green Building Inc. (“CGB”) is a company established under the laws of Guyana owned by Tama Investments Limited and Andres Botero. Tama Investments is an investment vehicle that focuses on construction, steel manufacturing, and tourism and marine services in Miami and Latin America.   

About IDB Invest

IDB Invest, a member of the Inter-American Development Bank Group, is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social, and environmental development in the region. With a portfolio of $16.3 billion in assets under management and over 394 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a variety of industries.

About the Canadian Climate Fund for the Private Sector of the Americas - Phase II

The Canadian Climate Fund for the Private Sector of the Americas - Phase II, is a fund administered by the Inter- American Development Bank.  The purpose of the Canadian Climate Fund is to catalyze greater private investment to climate change mitigation and adaptation projects in Latin America and the Caribbean, offering concessional financing to projects that do not benefit from a sovereign guarantee, paying special attention to the poorest and most vulnerable countries. The main areas of investment are generation technologies with renewable energy and storage, energy efficiency, sustainable transport and projects to reduce greenhouse gases, including reforestation, sustainable agriculture and improvement of land use, as well as supporting adaptation to vulnerability to climate change. The resources have a transversal investment mandate to promote gender equality.

About Four Points By Sheraton

Marriott International is a globally recognized hotel operator with over 8,700 hotels in 139 countries. Four Points by Sheraton is one of thirty brands within the Marriott International portfolio, with over 291 properties across 46 countries, catering to both business and leisure travelers.

About  EICA Management

EICA Management, is part of the EuroBuilding Hotel Group, an established hotel operator with 11 properties under management in the Americas. The group’s portfolio includes properties in the United States, Argentina, Ecuador and Venezuela, several of which have won awards for their operating performance.