11671 - Marriott Courtyard

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Summary of Proposed Investment

Project Number

11671

Company Name

Caribe Hospitality Trinidad & Tobago

Date SPI Disclosed

May 13, 2003

Country

Trinidad and Tobago

Industry

Tourism, Retail and Property

Projected Board Date

Jul 10, 2003

Status

Completed

Sector

City and Business Hotel

Department

Regional Industry MAS LAC & EUR

Environmental Category

B - Limited

Previous Events

Approved : Dec 12, 2003
Signed : Feb 11, 2004
Invested : May 5, 2004

Project Description

The Project entails the construction and operation of the 124-room Marriott Courtyard Hotel in Port of Spain (POS), the capital of Trinidad & Tobago (T&T), by Caribe Hospitality of T&T (CHTT). Demand for business lodging has grown in recent years as a result of significant investment in Trinidad and should continue to increase with new developments in the natural gas sector and other positive economic indicators. Marriott International will operate the hotel under a Management Agreement and will provide technical assistance in the design and implementation phases.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	3.80
Equity

Development Impact

This is a category B project according to IFC’s Procedure for Environmental and Social Review of projects. The environmental, health, safety and social issues associated with this project are described in the Environmental Review Summary.
Location of environmental documents In locally affected community
An advertisement will be placed in Express newspaper in Trinidad. Documents will be posted at NLBA Architects Ltd., 36 Carlos Street, Port of Spain.

The Caribe Hospitality concept has an important development impact in demonstrating that regional investment schemes with cross border capital can be successfully implemented in Central America and the Caribbean. Through CH, local and regional investors are able to expand and diversify their business interests. Ultimately the establishment of a chain of business hotels in this area will support regional trade and business development with a network linked by common management and onward reservations, and providing services of known quality and range.

More specifically the POS Courtyard will:
- provide additional hotel rooms which are clearly needed as part of the country’s basic business infrastructure;
- introduce high standards in life and fire safety, energy and water conservation, etc., which should encourage similar upgrading by other hotels;
- support a near downtown urban hub that is becoming an important location for modern retailing and social activities;
- have strong linkages with T&T’s construction and building supply sectors during construction. Once operational, the project will stimulate local supplies of goods and services used by the hotel and its guests;
- provide direct employment for some 60 workers once the hotel is operational and many more jobs will be created indirectly. Hotel employees will benefit from Marriott’s training programs, promotion practices and overall high service standards.

IFC’s most important role is the provision of A and C loans with long tenors and grace periods to match market and project risks. IFC has also provided valuable input regarding the Management Agreement and the land lease agreement. In the future IFC may pursue additional CH hotel investments and we can continue to valuable input to improve the viability of CH by ensuring that future hotel projects undertaken are justified on a market basis, that management agreements with Marriott are equitable, that project costs are reasonable and that the financial structures for individual projects are sound.

Contacts

For Inquiries About the Project, Contact

Mr. Daniel Campos
Capital & Advice
San Jose, Costa Rica
Phone: (506) 288-4701
Email: Daniel.campos@capitalandadvice.com

This Summary of Project Information (SPI) is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. Its purpose is to enhance the transparency of IFC's activities, and this document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. The following SPI is disclosed in accordance with IFC's Disclosure of Information Policy that went into effect September 1998.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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