On Vacation Hotels (IDBI-14971-01)

Countries
  • Colombia
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • IDB Invest (IDBI)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Sep 24, 2024
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Hoteles On Vacation
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Infrastructure
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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 32.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 37.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ IDBI website

Updated in EWS Oct 2, 2024

Disclosed by Bank Aug 12, 2024

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Contact the EWS Team

Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

Tour Vacation Hoteles Azul S.A.S. BIC (la "Compania" u "On Vacation") es una compania establecida en Colombia que opera 11 hoteles bajo la marca On Vacation. Fundada en 2009, se ha destacado por ofrecer experiencias vacacionales en destinos emblematicos de Colombia, como San Andres, La Guajira y el Amazonas. Como empresa verticalmente integrada, proporciona paquetes todo incluido que abarcan hospedaje, agenciamiento, transporte y entretenimiento. Su objetivo es brindar a las familias paquetes turisticos asequibles, garantizando un nivel constante de servicio, alojamiento comodo y una amplia variedad de comodidades y actividades.

On Vacation esta buscando una linea de credito de hasta US$12 millones comprometidos, y otros US$20 millones no comprometidos. El proposito principal de esta financiacion es respaldar sus planes de crecimiento y expansion. Ademas, tiene la intencion de invertir en soluciones solares para proporcionar energia renovable a sus propiedades ubicadas en la Amazonia y la Guajira. Asimismo, se plantea refinanciar parte de la deuda financiera y establecer una facilidad revolvente de capital de trabajo. La Compania tiene como objetivo fortalecer sus practicas de impacto y sostenibilidad, por lo que desea aprovechar la experiencia de BID Invest y sus servicios de asesoria para amplificar sus programas de sostenibilidad a nivel nacional, elevando asi su compromiso social y ambiental.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

According to the IDB Invest, Tour Vacaciones Hoteles Azul S.A.S. BIC (the “Company” or “On Vacation”) is a Colombian-based company that operates 11 hotels under the On Vacation brand. Founded in 2009, it has distinguished itself by offering vacation experiences in iconic Colombian destinations such as San Andrés, La Guajira, and the Amazon. As a vertically integrated company, it provides all-inclusive packages that include lodging, agency, transportation, and entertainment. Its goal is to provide families with affordable vacation packages, guaranteeing a constant level of service, comfortable accommodations, and a wide variety of amenities and activities

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Hoteles On Vacation Client -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

No contacts available at the time of disclosure

EMAIL: requestinformation@idbinvest.org

PHONE: +1(202)-566-4566

ADDRESS: 1350 New York Ave NW, Washington, DC 20005

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://www.iadb.org/en/access-information/information-request

ACCOUNTABILITY MECHANISM OF IDB / IDB INVEST

The Independent Consultation and Investigation Mechanism (MICI) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an Inter-American Development Bank (IDB) or Inter-American Investment Corporation (IDB Invest)-funded project. If you submit a complaint to MICI, they may assist you in addressing the problems you raised through a dispute-resolution process with those implementing the project and/or through an investigation to assess whether the IDB or IDB Invest is following its own policies for preventing or mitigating harm to people or the environment. You can submit a complaint by sending an email to MICI@iadb.org. You can learn more about the MICI and how to file a complaint at http://www.iadb.org/en/mici/mici,1752.html (in English) or http://www.iadb.org/es/mici/mici,1752.html (Spanish).

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How it works