Supporting sustainable hotel development in the Caribbean
The IDB partnered with Caribe Hospitality to launch the Leadership in Energy and Environmental Design (“LEED”) Financing Facility. The $42 million provided by the IDB contribute toward building up to eight green hotels in Central America and the Caribbean under the Caribe Hospitality/Marriott flag.
The first hotel financed was the 127-room Marriott Courtyard in Alajuela, Costa Rica. Going beyond the industry’s environmental sustainability standards, it incorporates a series of energy efficiency components including solar panels for the water preheating system, LED illumination units, a wastewater treatment plant, and systems that reduce both the consumption of water and the permanent use of air conditioning.
In Jamaica, the 130-room Courtyard by Marriott Hotel in New Kingston will be the first LEED certified building in the country. The project will contribute to economic development by providing affordable business infrastructure for Kingston, generating well-needed foreign exchange, creating over 250 construction and full-time jobs, and engaging over 200 small and medium enterprises (SMEs) during construction and operations.
The Caribe Hospitality and LEED Financing Facility are expected to:
- Provide a blueprint for creating an environmentally sustainable business hotel
- Incorporate new energy efficiency measures such as solar panels, LED illumination units and wastewater treatment plants.
- Mobilize capital from across the region with significant participation from local investors
- Boost investor confidence in Central American and Caribbean countries
- Engage SMEs during construction and full-time operations