SEF Cara Lodge

completed

SUMMARY OF PROJECT INFORMATION (SPI)Project Name GUYANA - SEF-Cara LodgeRegion Latin America and CaribbeanSector TourismProject No. 008264Projected Board Date: June 30, 1997Company Name: Hardwood Veneers Guyana Ltd. T/A Cara Lodge (CL)Technical Partner and/or Major ShareholdersCL is owned by Hardwood Veneers Guyana Ltd. (HVG). Jocelyn Dow, Horace Taitt, Vic Insanally, Peter Fraser, Frank Alfonso, and Duncan Dow are the principals of HVG. The shareholders are prominent Guyanese. Two of the shareholders (Jocelyn Dow and Frank Alfonso) are also shareholders in Liana Cane Interiors which is also being considered for an IFC investment under the Extending IFC’s Reach Program. CL is managed by Cara Investments Ltd. (CIL or the operator) whose principals are Paul Stephenson and Shaun Mc Grath-- two very experienced hoteliers and former employees of Forte Hotels. Project Cost Including Proposed IFC InvestmentThe total cost of the Project is US$1.4 million. IFC will invest up to US$0.7 million in long term debt.Location of Project and Description of SiteCL, formerly known as Taitt House and Woodbine House, is a four story wooden colonial building constructed in the 1840’s in Georgetown. Many famous Guyanese writers and artists have lived in the house over the years. CL is Guyana’s first Heritage House hotel; it was opened in March 1996. The facilities consists of 12 rooms, 2 unfinished suites, a restaurant and bar, and a small meeting room.Description of Company and Purpose of ProjectThe project consists of the following key elements: i) refurbishment to parts of the existing property and completion of the two existing suites; ii) purchase of about 8,000 sq. ft. of adjoining land at the rear of the building; iii) construction of an additional 20 rooms, addition of a small conference facility and expansion of the central facilities; and iv) provision of working capital. - 2 -Environmental Category and IssuesThis is a category B project according to IFC’s environmental review procedure. Environmental issues associated with this project include land use, liquid effluents, disposal of solid wastes, water supply, use of CFC refrigerants and fire safety. Liquid effluents will be pretreated before being discharged into the public sanitary sewage system. Solid waste will be collected and disposed according to local regulations. No CFC’s will be used. A comprehensive fire protection and life safety system will be implemented complying with World Bank guidelines. Cara Lodge is a Charter Member of the Green Hotels Association (an internationally recognized environmental organization for the hotel industry.) The project is expected to comply with local regulations and World Bank environmental guidelines and policies.The Environmental Review Summary for this project was released at the World Bank Public Information Center on May 28, 1997.Date SPI sent to PIC May 29, 1997For Additional Information contact: Corporate Relations Unit-telephone: (202) 473-7711facsimile: (202) 974-4384L:\CLASEF\GYREACH\CARA\SPI.DOCMay 28, 1997 6:44 PMEnvironmental documents for this project are available at http://www.ifc.org and from the World Bank InfoShop (http://www.worldbank.org/html/pic/aboutinfo.html).