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Environmental & Social Review Summary

This Environmental and Social Review Summary is prepared and distributed 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 of Director’s decision. Board dates are estimates only.
Any documentation which is attached to this Environmental and Social Review Summary has been prepared by the project sponsor and authorization has been given for public release. IFC has reviewed this documentation and considers that it is of adequate quality to be released to the public but does not endorse the content.
Project number 29096
Country
Costa Rica
RegionLatin America and the Caribbean
SectorCity and Business Hotel
DepartmentReg Manufact, Agri & Services, CAF/CLA
Company nameInversiones Hoteleras Once de Abril S.A.
Environmental categoryB
StatusActive
Date ESRS disclosedJanuary 26, 2010
Last Updated DateFebruary 9, 2012
Previous EventsInvested: October 4, 2011
View Summary of Proposed Investment (SPI), click here

OverviewCategory & Applicable StandardsKey Issues & MitigationCommunity EngagementsClient's Documentation

Overview of IFC's scope of review
IFC’s review comprised a visit to the site of the proposed hotel at Alajuela, Costa Rica, close to the Juan Santamaria International Airport, and a review of social and environmental information provided by the project developer, Inversiones Hoteleras Once de Abril SA (“Once de Abril”). Other information provided by the project developer, such as artists impressions and sketches of the development were also reviewed, as was a social responsibility report published by Marriott, the proposed operator of the hotel. These data were discussed with the project sponsor’s Project Manager and Development Manager.

It should also be noted that proposed IFC funding for this project would be supplied under the terms of a facility agreement already defined between IFC and the project sponsor, Caribe Hospitality S.A. (the “Sponsor”), and this would be the third development by the Sponsor under the terms of this agreement, the first being a Residence Inn hotel recently opened in Escazu, San Jose, Costa Rica, and the second being a “Marriott Courtyard” property currently under construction in Barbados.

IFC’s review also considered a site visit to the now-operational Escazu Residence Inn, and IFC’s experience of the development process for both hotels already developed under the terms of the Facility Agreement described above.
Project description
The project is the construction and operation of a 127-guest room hotel to be branded “Marriott Courtyard” which will be built on a 20,000 square meter property slated for a mixed use development which will include offices and retail. The property is located on the main road from the Juan Santamaria International Airport to Alajuela, the second city of Costa Rica, approximately 1km from the airport, and is currently agricultural pasture.