Company name
Seawind Key Investment Limited (“Seawind”)
Project number
JA3388A-03
Category B projects have potential environmental and/or social impacts and risks that are less adverse than those of a Category A and which are generally limited to the project site, largely reversible and can be mitigated via measures that are readily available and feasible to implement in the context of the operation.
E&S category
B
Country
![](https://idbinvest.org/sites/default/files/styles/size54x40/public/2018-03/Jamaica_0.png?itok=mgjwvbwx)
Jamaica
Sector
![](https://idbinvest.org/sites/default/files/styles/size38x28/public/2021-02/TOURISM.png?itok=kt5ZgPJk)
Tourism
Status
Completed
Disclosed date
08/27/2015
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
09/29/2015
Approval date
11/17/2015
Signed date
12/10/2015
Sponsoring entity
N/A
Investment Operations Department Contact
Portfolio Management Division
Investment type
Syndicated amount
USD $ 67,500,000
Financing amount
USD $ 7,500,000
Currency
USD
Project scope and objective
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.
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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 OfficesFor 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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