Summary of Proposed Investment
Project Number
8264
Company Name
Heritage Limited (Cara Lodge)
Date SPI Disclosed
May 29, 1997
Country
Guyana
Industry
Tourism, Retail and Property
Status
Completed
Sector
City and Business Hotel
Department
Regional Industry MAS LAC & EUR
Environmental Category
B - Limited
Previous Events
Approved : Jan 14, 1998
Signed : Feb 18, 2000
Invested : Jun 6, 2000
Project Description
SUMMARY OF PROJECT INFORMATION (SPI)
Project Name GUYANA - SEF-Cara Lodge
Region Latin America and Caribbean
Sector Tourism
Project No. 008264
Projected Board Date: June 30, 1997
Company Name: Hardwood Veneers Guyana Ltd. T/A Cara Lodge (CL)
Technical Partner and/or Major Shareholders
CL is owned by Hardwood Veneers Guyana Ltd. (HVG). Jocelyn Dow, Horace Taitt, Vic Insanally, Peter Fraser, Frank Alfonso, and Duncan Dow are the principals of HVG. The shareholders are prominent Guyanese. Two of the shareholders (Jocelyn Dow and Frank Alfonso) are also shareholders in Liana Cane Interiors which is also being considered for an IFC investment under the Extending IFC’s Reach Program. CL is managed by Cara Investments Ltd. (CIL or the operator) whose principals are Paul Stephenson and Shaun Mc Grath-- two very experienced hoteliers and former employees of Forte Hotels.
Project Cost Including Proposed IFC Investment
The total cost of the Project is US$1.4 million. IFC will invest up to US$0.7 million in long term debt.
Location of Project and Description of Site
CL, formerly known as Taitt House and Woodbine House, is a four story wooden colonial building constructed in the 1840’s in Georgetown. Many famous Guyanese writers and artists have lived in the house over the years. CL is Guyana’s first Heritage House hotel; it was opened in March 1996. The facilities consists of 12 rooms, 2 unfinished suites, a restaurant and bar, and a small meeting room.
Description of Company and Purpose of Project
The project consists of the following key elements: i) refurbishment to parts of the existing property and completion of the two existing suites; ii) purchase of about 8,000 sq. ft. of adjoining land at the rear of the building; iii) construction of an additional 20 rooms, addition of a small conference facility and expansion of the central facilities; and iv) provision of working capital.
Environmental Category and Issues
This is a category B project according to IFC’s environmental review procedure. Environmental issues associated with this project include land use, liquid effluents, disposal of solid wastes, water supply, use of CFC refrigerants and fire safety. Liquid effluents will be pretreated before being discharged into the public sanitary sewage system. Solid waste will be collected and disposed according to local regulations. No CFC’s will be used. A comprehensive fire protection and life safety system will be implemented complying with World Bank guidelines. Cara Lodge is a Charter Member of the Green Hotels Association (an internationally recognized environmental organization for the hotel industry.) The project is expected to comply with local regulations and World Bank environmental guidelines and policies.
The Environmental Review Summary for this project was released at the World Bank Public Information Center on May 28, 1997.
Date SPI sent to PIC May 29, 1997
For Additional Information contact: Corporate Relations Unit-
telephone: (202) 473-7711
facsimile: (202) 974-4384
L:\CLASEF\GYREACH\CARA\SPI.DOC
May 28, 1997 6:44 PM
Environmental documents for this project are available at http://www.ifc.org and from the World Bank InfoShop (http://www.worldbank.org/html/pic/aboutinfo.html).
Project Name GUYANA - SEF-Cara Lodge
Region Latin America and Caribbean
Sector Tourism
Project No. 008264
Projected Board Date: June 30, 1997
Company Name: Hardwood Veneers Guyana Ltd. T/A Cara Lodge (CL)
Technical Partner and/or Major Shareholders
CL is owned by Hardwood Veneers Guyana Ltd. (HVG). Jocelyn Dow, Horace Taitt, Vic Insanally, Peter Fraser, Frank Alfonso, and Duncan Dow are the principals of HVG. The shareholders are prominent Guyanese. Two of the shareholders (Jocelyn Dow and Frank Alfonso) are also shareholders in Liana Cane Interiors which is also being considered for an IFC investment under the Extending IFC’s Reach Program. CL is managed by Cara Investments Ltd. (CIL or the operator) whose principals are Paul Stephenson and Shaun Mc Grath-- two very experienced hoteliers and former employees of Forte Hotels.
Project Cost Including Proposed IFC Investment
The total cost of the Project is US$1.4 million. IFC will invest up to US$0.7 million in long term debt.
Location of Project and Description of Site
CL, formerly known as Taitt House and Woodbine House, is a four story wooden colonial building constructed in the 1840’s in Georgetown. Many famous Guyanese writers and artists have lived in the house over the years. CL is Guyana’s first Heritage House hotel; it was opened in March 1996. The facilities consists of 12 rooms, 2 unfinished suites, a restaurant and bar, and a small meeting room.
Description of Company and Purpose of Project
The project consists of the following key elements: i) refurbishment to parts of the existing property and completion of the two existing suites; ii) purchase of about 8,000 sq. ft. of adjoining land at the rear of the building; iii) construction of an additional 20 rooms, addition of a small conference facility and expansion of the central facilities; and iv) provision of working capital.
- 2 -
Environmental Category and Issues
This is a category B project according to IFC’s environmental review procedure. Environmental issues associated with this project include land use, liquid effluents, disposal of solid wastes, water supply, use of CFC refrigerants and fire safety. Liquid effluents will be pretreated before being discharged into the public sanitary sewage system. Solid waste will be collected and disposed according to local regulations. No CFC’s will be used. A comprehensive fire protection and life safety system will be implemented complying with World Bank guidelines. Cara Lodge is a Charter Member of the Green Hotels Association (an internationally recognized environmental organization for the hotel industry.) The project is expected to comply with local regulations and World Bank environmental guidelines and policies.
The Environmental Review Summary for this project was released at the World Bank Public Information Center on May 28, 1997.
Date SPI sent to PIC May 29, 1997
For Additional Information contact: Corporate Relations Unit-
telephone: (202) 473-7711
facsimile: (202) 974-4384
L:\CLASEF\GYREACH\CARA\SPI.DOC
May 28, 1997 6:44 PM
Environmental documents for this project are available at http://www.ifc.org and from the World Bank InfoShop (http://www.worldbank.org/html/pic/aboutinfo.html).
Sponsor / Cost / Location
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