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CIBC Firstcaribbean Provides $6.4 Million Loan To Chogogo Resort Curaçao To Convert The Resort In To The Time To Smile Concept
WILLEMSTAD -- CIBC FirstCaribbean provided Chogogo Resort Curaçao with a non-revolving term loan of $6.4 million to carry out a major redevelopment project.
Situated at Jan Thiel, at stone’s throw from the Jan Thiel Beach area, the resort has been operating since 1997. It features 159 units including studios, apartments and bungalows. The owners, Gertrude and Johannes Schellevis constructed the hotel in 1997.
The loan provided by CIBC FirstCaribbean will be utilized to refinance the existing debt. Additionally, proceeds from the loan will provide Chogogo Resort with capital to execute a renovation plan. The plan includes upgrades to the resort and a conversion to the Time to Smile concept, an effort done in collaboration with tour operator TUI.
The financing was arranged by CIBC FirstCaribbean Corporate Banking. Managing Director Dutch Caribbean, Pim Van der Burg noted, “This transaction shows our commitment to Curacao as one of our growth markets and to the hospitality sector on our island. It also demonstrates the experience and expertise of our Corporate Banking team in structuring deals in the hospitality and tourism sector.”
About CIBC FirstCaribbean
CIBC FirstCaribbean is the largest, regionally-listed bank in the English and Dutch speaking Caribbean serving over 500,000 accounts in 17 markets, through 2,900 staff, across 100 branches and offices. The bank offers a full range of market-leading financial services in: Corporate and Investment Banking, Treasury Sales and Trading, Retail Banking, Wealth Management, Small Business and Credit Cards.
CIBC FirstCaribbean is a member of the CIBC Group. CIBC (TSX, NYSE: CM) is a leading North American financial institution serving clients in Canada and around the world. Through its distinct business lines, CIBC Retail Markets and Wholesale Banking, CIBC provides a full range of products and services to almost 11 million individual, small business and commercial banking clients and meets the financial needs of corporate and institutional clients. CIBC is rated A+/Stable/A-1 by Standard & Poor's.
For more information about CIBC FirstCaribbean, visit www.cibcfcib.com.