CIFI and BID Invest authorized a loan for West Report S.A. to develop, build and operate a hotel complex in Bocas del Toro.

The new hotel, which will have 118 rooms, several restaurants, a spa and other meeting places for its guests, will be operated under the brand name Viceroy Hotels and Resorts, reported CIFI.

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From the CIFI statement:

Panama, January 8th, 2020. The Inter-American Corporation for Infrastructure Financing (CIFI) and IDB Invest closed a $46 million secured credit facility in “Senior Loans” to West Report S.A. West will use the proceeds of the Senior Loans to develop, build, operate and maintain a 118-room resort that will be operated under the brand name Viceroy Hotels and Resorts in Bocas del Toro, Republic of Panama.

The project, which will include several restaurants, meeting facilities, and a spa, will contribute to the economic development of the area by providing direct and indirect employment, training, and integrating the work of local farmers and SMEs into the hotel supply chain.

The establishment will be developed on a 10 hectare plot, within the 185 hectares that make up the Master Plan for the Development of the Almost Heaven Tourist Complex, located on the coasts of the Caribbean Sea. Its construction will begin this month and it is estimated that it will be inaugurated in January 2022.

In order to contribute to the protection and conservation of marine species within the project area, a Biodiversity Action Plan will be developed, which will include a conservation proposal associated with the sighting of marine species, a sea turtle nesting inventory and a macrofauna inventory of the sea grasses in front of the project. These activities will be coordinated with the regional authorities of MiAmbiente.