Tropicalia (IFC-38846)

Countries
  • Dominican Republic
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
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, 2018
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
TROPICALIA
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)
$ 40.00 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)
$ 248.00 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 @ IFC website

Updated in EWS Jan 16, 2018

Disclosed by Bank Jan 8, 2018


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Project 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
  • International Finance Corporation (IFC)
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 Actors
Contact Information
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/