Pellerano & Herrera, Lex Mundi member firm for Dominican Republic, expressed its satisfaction for having contributed in the viabilization of the US$258 million foreign investment, destined to increase the hospitality offer in the Dominican Republic. The Tropicalia project, developed by Cisneros Real Estate in Miches, located in the north coast of the Dominican Republic, is expected to start operations in 2021 and generate 1,800 jobs in the construction process and 500 permanent jobs during resort operations.
The investment will also generate an inclusive supply chain that will link dozens of local entrepreneurs and farmers to hotel and tourist demand. Eventually, the hotel will source up to 70 percent of its food from the Dominican Republic—with more than a third coming from producers in Miches and nearby communities.
Pellerano & Herrera’s legal team in the financing of the project by International Finance Corporation (IFC) and IDB Invest for loans of $79.5 million and $40 million, respectively, was led by partner Carolina León.
The IFC loan was entirely financed through Green Bonds, given Tropicalia’s projections for energy efficiency and other environmental considerations. IFC’s Green Bonds program supports climate-smart investments as part of a broader shift toward a resilient, low-carbon global economy. This is IFC’s and IDB Invest’s first financing in the development of a sustainable highend resort in Latin America and the Caribbean.
About Pellerano & Herrera
Pellerano & Herrera has been the leading law firm in the Dominican Republic for more than 30 years and has participated in the largest and most important cases and transactions in the country. The firm has the most complete and multidisciplinary team of lawyers, with vast experience in more areas of practice than any other firm in the country. Pellerano & Herrera is the exclusive member firm in the Dominican Republic for Lex Mundi – the world’s leading network of independent law firms with in-depth experience in 100+ countries worldwide.
Pellerano & Herrera is the Lex Mundi member firm for Dominican Republic.