Accra Beach Hotel Ltd. is a limited liability company formed in Barbados in 1952. The company's only activity is conducting the business of the hotel, which is located on the south coast. In the early 1990's it became apparent that the 52 room hotel needed some major improvements in the quality of its facilities in order to remain competitive. An effort in 1993 to refurbish 21 rooms was very successful and the Sponsor decided to replace the existing facility with an entirely new hotel. Demolition of the old hotel started in September 1994 and construction on a new 122 room hotel began in May 1995. The main wing of the new hotel was completed in early December 1996 and the hotel opened its doors to guests on December 19, 1996. Approximately 4% of the construction needed to be completed, for finishing the east wing plus upgrading the fire safety and environmental standards. In order to assure a viable financial plan, the IIC sought to provide equity financing, not otherwise available, to replace the short term construction loan.