IDB Invest has partnered with Cisneros Real Estate to provide $134.6 million in financing to Four Seasons Resort and Residences which is part of Tropicalia, a sustainable mixed-use resort under development in the Dominican Republic.
The financing consists of $49 million from IDB Invest complemented by $85.6 million mobilised from local banks and international financial institutions.
The mixed-use tourism complex, which blends multiple uses such as commercial and cultural in one space, and totalling $212.4 million, is expected to create more than 2,000 jobs during construction, 400 jobs during operations and an inclusive supply chain that will connect with dozens of local entrepreneurs and farmers.
Up to 70 per cent of produce and services will be sourced in the country, with more than a third coming from local micro-, small and medium-sized enterprises, contributing to a circular economy and the region’s prosperity.
Tropicalia is located in the municipality of Miches, an emerging beach destination distinguished by its unique ecological features on the southern shores of the Samaná Bay, just 80 kilometres (50 miles) west of Punta Cana.
The resort, to be operated by Four Seasons Hotels & Resorts, will include a 95-room hotel, 25-branded private residences and a host of related amenities.
“We believe this sustainable mixed-use resort reflects a unique value proposition for the expansion of responsible low-density tourism in the Dominican Republic. Our aspiration is that its high development standards anchored by strong sustainability principles could have a demonstrative effect in serving as a model for responsible tourism development in the Caribbean and beyond,” said James Scriven, CEO of IDB Invest.
Tropicalia builds upon the legacy of Cisneros’ long-term commitment and development approach, supporting the socioeconomic sustainability of the community of Miches and surrounding region. “Over the past 15 years, Fundación Tropicalia has sponsored a broad range of regional programs that promote education, gender equality, economic participation, cultural identity and environmental awareness,” Adriana Cisneros, CEO of Cisneros said. “One of our flagship programs “Soy niña, soy importante,” strives to empower young at-risk girls by providing the tools to stave off early pregnancy, gender-based violence and low self-esteem, fomenting gender equality and inclusion from an early age in the region.”
As part of its development impact mandate, IDB Invest is providing technical assistance to this program to increase women’s participation in economic activities and expand their access to the labour market.
The operation is expected to contribute to the following United Nations Sustainable Development Goals (SDGs): Decent Work and Economic Growth (SDG 8), Responsible Consumption and Production (SDG 12) and Partnerships for the Goals (SDG 17)
