Tropicalia (IFC-38846)

Countries
  • Dominican Republic
Geographic location where the impacts of the investment may be experienced.
Specific Location
Miches
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
  • International Finance Corporation (IFC)
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
Feb 15, 2018
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
TROPICALIA
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 40.00 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)
$ 248.00 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.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jan 16, 2018

Disclosed by Bank Jan 8, 2018

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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.
From the IFC: " The project consists of the development and start of operations of Tropicalia, a 169-room high-end hotel and 24 - unit branded residences (the Project) in the Municipality of Miches, Dominican Republic. The Project encompasses an area of approximately 27 hectares with 1 kilometer of beachfront and will feature multiple restaurants, meeting facilities, a wellness center and spa, a local crafts market, and a variety of complementary recreational amenities. Tropicalia will be owned by Cisneros (the Sponsor or the Group) and operated by Four Seasons Hotels and Resorts."
Investment Description
Here you can find a list of individual development financial institutions that finance the project.
From the IFC: "The total project cost is estimated at US$248 million and will be funded with a combination of equity from the Sponsor and debt from development finance institutions and local commercial banks. IFC will provide an A-Loan of up to US$ 40 million and will mobilize US$30.0 million from MCPP. The proposed IFC financing will be structured as a senior secured loan and will have a tenor of up to 12 years."
Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Cisneros Group Parent Company -
- - - - Four Seasons Holdings, Inc 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.
Cisneros Real Estate Nastasha Monell Marketing & Communications Manager (305) 423-2466 nmonell@cisneros.com 121 Alambra Plaza, Suite 1400, Coral Gables, FL, 33134 ACCOUNTABILITY MECHANISM OF IFC The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/

How it works

How it works