Reports have it that Republic Bank is expanding its interest in tourism.
We have received information that it has granted a 34-million US-dollar senior term loan to the Royalton Grenada Resort and Spa.
There are reports it’s part of an 80 million US-dollar investment in the hotel, in Tamarind Bay, Grenada.
A senior term loan, according to information, is similar to a bond, with set repayment schedules and a bullet repayment.
In some instances, the interest (accrued) is added to the principal and all paid back at the end of the loan.
The Royalton Grenada is expected to open in March 2020, offering 212 luxury rooms or 49 Diamond Club luxury suites.
The hotel will be managed and operated by Blue Diamond Resorts as part of a new strategic alliance with Rex Resorts, the former owners and operators of the Grenadian Hotel.
Blue Diamond Resort is the hotel division of the Sunwing Travel Group, North America’s largest vertically-integrated travel.
In addition to Blue Diamond, the company owns two leading tour operators, a commercial airline, a luxury private jet charter service, travel retail businesses and a destination management company.
Sunwing also has seasonal (winter) flights between Toronto and Tobago, starting last year and through its Rex Resorts alliance, acquired the former Turtle Beach Resort, now renamed Starfish.
Sunwing’s CEO, Stephen Hunter, previously noted that his intention is for the Royalton to become one of the leading all-inclusives in the World.
Keith Johnson, the managing director of Republic Bank here says Grenada is happy to welcome the brand to the island.
