Project sponsor and major shareholders of project company

Caribe Hospitality of Trinidad & Tobago Ltd. (CHTT), the project company, was incorporated in 2002 as a joint venture between Caribe Hospitality S.A (CH) (60%), Mouttet Capital Ltd (30%) and Poui Holdings Ltd (10%). The purpose of the company is to develop the POS Courtyard hotel. Caribe Hospitality S.A. was incorporated in Panama for the sole purpose of developing and operating small business hotels in Central America and the Caribbean to be managed by Marriott under its Courtyard brand. The intent is to partner with local sponsors for individual hotels on a joint venture basis. Shareholders in Caribe Hospitality are Ramiro Ortiz, Edgar Zurcher and John Keith. Local sponsors in this project are Mouttet Capital Ltd, a wholly owned subsidiary of Victor E Mouttet Limited (VEML) established in Trinidad in 1958, and Poui Holdings Ltd., a shell company that is owned by Joseph Esau, a Trinidadian national.

Total project cost and proposed IFC investment

Total project cost is estimated at $11 million. IFC’s proposed investment comprises an A loan of $1.6 million and a C loan of $2.0 million with an income participation feature.

Location of project and description of site

The POS Courtyard will be located in Invaders Bay, about a mile from the downtown area of the city and across from Hasley Crawford Stadium. Invaders Bay is a former swampland which was filled several years ago by the government to address the need for additional land in Port of Spain. Completed developments in Invaders Bay thus far include a port, PriceSmart and the MovieTowne complex which includes restaurants and shops.

Description of company and purpose of project

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.

Environmental and social issues - Category

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.

To contact the project company, please write to:

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