West Resort (IDBI-12275-01)

Countries
  • Panama
Where the impacts of the investment may be experienced.
Specific Location
Bocas del Toro
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • IDB Invest
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Feb 15, 2019
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
West Resort S.A.
The holder of the loan, grant, or other investment.
Sectors
  • Construction
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 38.30 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 95.80 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IDBI website

Updated in EWS Dec 18, 2018


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Project Description

According to the bank, this is a project for financing West Resort S.A. (the "Borrower"), which will be engaged in the construction and operation of a 118-room hotel in Bocas del Toro, Panama (hereinafter the "Project" or the "Hotel"). The Hotel will be developed in an approximately 10-hectare lot that is part of Casi Cielo’s master plan, a lot of approximately 185 hectares that considers other tourism uses. The Hotel will have several restaurants and bars, meeting rooms, a spa and a wide variety of complementary recreational services.

Investment Description
  • IDB Invest
Private Actors

This proposed Hotel will be developed by Starfish Ocean Investment S.A. and Corvan Ventures Ltd. (The “Sponsors”), investment vehicles established for the development of the Project.

Contact Information

To know more details about this project, contact

Alfredo Monagas
Director
E-mail:
infowestresort-iadb@west-resort.com

Telephone: +507 386-4523

For inquiries and comments to IDB Invest, please contact: IDB Invest Communications Group. Email: divulgacionpublica@iadb.org

For Project inquiries, including questions on environmental and social issues related to IDB Invest investments, please contact the Client or IDB Invest using the contact information provided above.

As a last resort, communities affected by the Project have access to IDB Invest's Independent Consultation and Investigation Mechanism (http://www.iic.org/en/who-we-are/integrity-and-transparency). Tel: +1 (202) 623-3952. Fax: +1 (202) 312-4057. Address: 1300 New York Ave. NW Washington, DC. United States of America. 20577. E-mail: mecanismo@iadb.org or MICI@iadb.org