news - FMO invests in Haiti Hotel to support essential business infrastructure, job creation and tourism

FMO and IFC will together provide an USD 26.5 million facility to Turgeau Developments S.A to build a Marriott hotel in Port-au-Prince. With this investment, FMO provides scarce long-term financing to support a challenging project in Haiti, the least developed country in the Western Hemisphere. Development impact is substantial through catalysing economic development, creating jobs and improving infrastructure. The Project will be one of the very few sizable foreign direct investments in Haiti since the 2010 earthquake. The project is intended and expected to have a strong demonstration effect in catalysing additional investments in Haiti, a high priority for the government as well as for the international community.

The 175-room Marriott hotel will create about 300 jobs during construction and more than 200 permanent jobs during operations. It will support additional indirect jobs by sourcing building materials, food, beverages, transport and other services from local businesses. The new hotel will be operated in compliance with Marriott’s sustainability criteria and has been designed to promote energy efficiency, life and fire safety, and structural safety. The Project will address the vast shortage of quality hotel rooms in the city of Port-au-Prince, and is the first hotel located in the Turgeau district of Port-au-Prince, which was heavily damaged by the earthquake. The hotel will target business, government and NGO visitors, based on a 4-star service offering.

Digicel Limited, a long-time investor in Haiti and well-known to FMO, is the sponsor of Turgeau Developments S.A., a special purpose company established for this project. The hotel is expected to open in 2015 and will offer a complete package of services and amenities.