Company name
Emprendimientos Hoteleros S.A.
Project number
PR1037A-01
N/A
E&S category
N/A
Country
Paraguay
Sector
Tourism
Status
In implementation
Disclosed date
06/15/2001
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
09/06/2001
Approval date
09/06/2001
Signed date
N/A
Sponsoring entity
N/A
Investment Operations Department Contact
INO Portfolio Management (PTM)
Investment type
Syndicated amount
N/A
Financing amount
N/A
Currency
USD
Project scope and objective
Project Description: The Sheraton project consists of the construction and development of the first international hotel chain in Asuncion. The hotel will consist of a 10-story building, with capacity for 125 rooms and all the correspondent amenities and facilities for business travelers and tourists, including a business center and a convention center with capacity for up to 900 persons. The project sponsors have signed a license and management agreement with Sheraton Overseas Management Corporation ("SOMC") to operate the Hotel under the "Sheraton" flag. Project implementation will begin by September 2001 and it is expected that the Four Point Asuncion by Sheraton will open in January 2003.
IIC's role in the proposed transaction is important for the following reasons:
It will attract international firms to Paraguay, as Asuncion has no hotels managed by international hotel chains
It will improve Asuncion's business infrastructure through the new convention center.
The project will have a positive social and economic impact from various perspectives. It will create 90 direct jobs and 270 indirect jobs, and it will improve the quality of hotel services and hotel management skills.
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Contact information
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Client Contact
N/A
PHONE NUMBER
N/A
POST OFFICE ADDRESS
N/A
IDB Invest Contact
requestinformation@idbinvest.org
PHONE
+1(202)-566-4566
ADDRESS
1350 New York Ave NW, Washington, DC 20005
COUNTRY OFFICES
IDB Invest Country OfficesIndividuals or communities can submit complaints and concerns related to environmental, social, or corporate governance issues to the Management Grievance Mechanism by e-mailing mgm@iadb.org or by calling +1 202 312 4040.
As a last resort, affected communities have access to the IDB Invest Independent Consultation and Investigation Mechanism by writing to mecanismo@iadb.org or MICI@iadb.org or calling +1(292) 623-3952.
IDB Invest has zero tolerance to reprisal or retaliation against anybody who voices its opinion or opposition to IDB Invest-financed projects.
For inquiries, comments and information requests about the project
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Environmental and social review
IDB Invest conducts an environmental and social due diligence (ESDD) commensurate with the nature, scale, and stage of the project, and with its level of environmental and social risks and impacts. The ESDD will confirm the project E&S categorization and assess the project with respect to the client requirements in IDB Invest Environmental and Social Sustainability Policy. The results of the ESDD, including any identified gaps are described in the Environmental and Social Review Summary (ESRS) provided below. For projects approved as of 2016, any gaps with respect to IDB Invest's Environmental and Social Sustainability Policy at the time of the ESDD are addressed in the Environmental and Social Action Plan (ESAP) presented below, to comply with the date mentioned above.
ENVIRONMENTAL AND SOCIAL REVIEW
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