Tropicalia Sustainable Tourism (IIC-12130-01)

Regions
  • Latin America and Caribbean
Geographic location where the impacts of the investment may be experienced.
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
  • IDB Invest (IDBI)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
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
Dec 12, 2017
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
Inversiones Cuatro Estaciones, S.A.S.
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)
$ 240.00 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.
Campaign Documents
Primary Source

Original disclosure @ IIC website

Updated in EWS Sep 20, 2018

Disclosed by Bank Nov 2, 2017

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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.

The IIC will support the construction and operation of a 169-room Four Seasons hotel and 24-unit branded residential component to be known as Tropicalia, located in the municipality of Miches, Dominican Republic, a town of approximately 21,000 inhabitants, mostly unskilled workers and farmers (68.9% of whom live in poverty and 21.0% in extreme poverty). Tropicalia is sponsored by the real estate division of the Cisneros Group, a media, entertainment, telecommunications, and tourism group headquartered in the U.S.A. The Project encompasses an area of approximately 27 hectares with 1 kilometer of beachfront.  The Project will feature multiple restaurants, meeting facilities, a wellness center and spa, a local crafts market, and a variety of complementary recreational amenities.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The total Project cost is estimated to be US$240 million, and will be funded with a combination of equity from the Sponsor and debt from development finance institutions and local commercial banks. The IIC will provide an A-Loan of up to US$ 40 million for the debt portion. The proposed IIC financing will be structured as a senior secured loan and have the 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 Investor -
- - - - Four Seasons Holdings, Inc Parent Company -
- - - - Inversiones Cuatro Estaciones 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.

Project Contact: Nastasha Monell
Marketing & Communications Manager
Phone number: +(305) 423-2466
E-mail address:nmonell@cisneros.com

ACCOUNTABILITY MECHANISM OF IIC

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 (IIC)-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 IIC 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