Grupo Piñero, a leading hotel operator in the Caribbean and Mexico, received a total financing package of US$200 million, part of which will be used to support the reopening of hotels in Jamaica and the Dominican Republic that were closed due to the impact of the COVID 19 pandemic.

The operation consists of a loan of US$120 million from IDB Invest and US$80 million from Banco Popular Dominicano. The funds will be used to reactivate the Piñero Group’s regional portfolio in line with the return of international demand and thus favour the inflow of foreign currency. In addition, the reopening of the hotels will reactivate local value chains and job creation.

IDB Invest will also provide technical advice to analyse the impact of climate change on the Group’s properties and will design a project for the recovery of mangroves and corals and the protection of coastal areas.