Four Seasons Barbados Resort Finally Gets $55 Million in Financing
By Brian Major
May 29, 2012 11:23 AM
The Inter-American Development Bank (IDB) has approved a $55 million loan to finance completion of the long-stalled Four Seasons at Clearwater Bay resort in Barbados. The IDB loan will provide long term financing for the project and enable completion of the hotel as part of the resort development, which will also include 45 private residences and villas on 32 beachfront acres, according IDB.
Commercial lenders and private investors are expected to supplement the IDB financing. The partially constructed resort development launched in 2006, but construction halted in 2009. The project will create 725 jobs, employ small and medium-sized suppliers and utilize international best practices in water conservation and energy efficiency.
In addition, local furniture manufacturers and art and craft vendors will have opportunities to sell furniture and craft items to the hotel, and to sell merchandise at the hotel’s gift shop. The Four Seasons Barbados also plans to work with local farmers to create “high-quality produce” for guests, and use harvested treated rainwater and hotel grey water for irrigation and the fire suppression system.