IIC Supports Peru’s Hotel Industry with Loan of US$3.5 Million

11/22/2013

Loan to Los Portales S.A. will foster tourism and spur the development of local communities

Washington, D.C., November 22, 2013 — The Inter-American Investment Corporation (IIC) and Los Portales S.A. have signed a loan agreement for up to US$3.5 million that will be used to expand and remodel two hotel complexes: Hotel Los Portales Piura, located in the northwestern portion of the country; and the Country Club Lima Hotel, in the Peruvian capital.

These resources are arriving at a time when the company is expanding and will help it meet growing demand for its services and diversify its funding sources.

“This type of funding enables us to efficiently expand our operations as we contribute to the development of specific regions and of Peru,” noted Ramón García Quintana, the CFO of Los Portales.

“With this loan, the IIC is helping to increase the supply of reasonably priced, high-quality lodging facilities in some of Peru’s underserved regions,” added Aniceto Huertas-Corcelles, IIC investment officer in charge of the operation. “The project helps enhance diversification of the Peruvian economy and will benefit communities located in the vicinity of the hotel complexes through the creation of jobs and opportunities for contracting the services of local suppliers.”

In business since 1996, Los Portales is active in the hotel, real estate, and parking facility industries. It operates six hotels catering to business professionals, located in Lima, Tarma, Piura, Chiclayo, Cusco, and Máncora. The company is also a developer of urban and social-interest housing projects, and operates and manages its own parking facilities as well as those of others under franchise and leasing agreements.

An additional US$5 million in financing for the operation will be provided by Corporación Interamericana para el Financiamiento de Infraestructura S.A.

About the IIC

The IIC, a member of the Inter-American Development Bank (IDB) Group, promotes private-sector development in Latin America and the Caribbean with a focus on small and medium-sized enterprises. We help companies streamline management processes and provide them with financing in the form of equity investments, loans, and guarantees, as well as innovative technical assistance, advisory services, and knowledge products. In 2012, the IIC approved more than 70 operations totaling some US$400 million. Since its inception in 1989, the IIC has approved approximately 800 direct loans to SMEs and financial intermediaries, for a total of US$4.8 billion. An additional US$2.8 billion has been mobilized through cofinancing and syndication agreements. For more information on IIC activities, visit www.iic.org.

Contact: Aniceto Huertas-Corcelles

Telephone: +1 (202) 623-2036 in Washington, D.C.

Email: anicetohc@iadb.org