Seawind owns the hotel complex that includes the Secrets St. James (http://www.secretsresorts.com/st-james-montego-bay) and the Secrets Wild Orchid hotels (“Secrets Hotel”). This complex has a total of 700 guestrooms, restaurants, and recreation and shopping areas, including the beach and swimming pools, as well as infrastructure and support areas. Secrets Hotel, located on Montego Bay, Jamaica, is a first-rate, all-inclusive hotel that mainly targets the couples market. Seawind reports successful operations with a well-positioned brand and good occupancy rates since 2010. Seawind has operating and marketing agreements with the company AMResources of the Apple Leisure Group (http://www.appleleisuregroup.com) domiciled in the state of Pennsylvania, United States.
The Seawind project consists of (i) a 150-room expansion of the hotel complex under AMResorts’ Breathless brand, with new service areas and additional infrastructure, and (ii) the refinancing of existing debt with a debt profile that matches the expansion and projected cash flow generation of the hotel complex. The IIC loan will be an A Loan of up to US$15 million and a B Loan of up to US$68 million with funds from participating banks acceptable to Seawind and the IIC. This will be the IIC’s second loan to Seawind; the first was approved in 2012.
Jamaica is one of the main tourism destinations in the Caribbean and the tourism industry is one of the main foreign currency income generators for Jamaica. Through this loan, the IIC will be (i) helping expand tourism accommodations in Jamaica and their effect on foreign currency income generation; (ii) supporting job creation during both the construction and operation phases of the expansion and also in the supply chain of SMEs that provide food, beverages, and services for the hotel complex’s operations; and (iii) boosting foreign investment in Jamaica.