Roco Bucks
An $85-million long-term loan package has been completed to finance the continuing development of the Roco Ki luxury resort community in the Punta Cana area of the Dominican Republic. When its first phase opens in next year, Roco Ki will be one of the largest resort community developments in the Caribbean.
The financing package consists of a $61 million long-term loan with Scotiabank and a $24 million quasi-equity long-term loan with the European Investment Bank (owned by the European Union).
The transaction is the first Caribbean private hospitality endeavor by the European Investment Bank under the Cotonou Agreement, a partnership agreement between the members of the African, Caribbean and Pacific Group of States and the European Community.
Roco Ki features the beachfront Westin Roco Ki Beach & Golf Resort, which is currently under construction. When complete, the resort will feature a 327-room hotel, 113 Westin-branded condominiums, an 18-hole Nick Faldo-designed golf course and spa.