Due to the impact of the COVID-19 pandemic, Caribe Hospitality S.A. (hereinafter "CHSA" or "the Company") requires a loan from IDB Invest to finance its portfolio companies’ working capital requirements (hereinafter the "Project" or the "Facilities"). The proposed loan will be for a maximum of USD 5.0 million and will be structured as a senior secured loan with a five-year term.
CHSA is an experienced property developer with a solid track record in the region. Since 2000, it has developed thirteen Marriott-branded and Marriott-operated properties in Costa Rica, Dominican Republic, Barbados, Trinidad and Tobago, El Salvador, Mexico, Jamaica, and Puerto Rico. The Company has already received three loans from IDB Invest. The loans for Courtyard Alajuela and Courtyard Kingston have already been repaid and the loan for Fairfield Alajuela is being disbursed.