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NCB funds US$27m expansion of Azul Sensatori Hotel

Published:Friday | July 14, 2017 | 5:23 PM

National Commercial Bank’s corporate banking division recently completed the structuring of a US$27 million loan for the expansion of the Azul Sensatori Hotel in Negril, Westmoreland to fund the construction of a new 149-room hotel alongside its 136-room property on the seven-mile beach.

NCB NCB won the mandate to arrange financing of the new Azul Beach Resort on five acres of Negril’s beachfront, the Bank said in a release.

The loan is structured over 10 years with US$10 million of the US$27 million financed by the Development Bank of Jamaica.

The loan features a flexible payment structure, offering financial benefits to the hotel, which includes facilitating graduating payments and a moratorium on principal payments.

So far, Karisma has invested US$80 million across the two properties in Jamaica, the release said.

“Azul Beach Sensatori, Karisma’s second hotel in Jamaica, is a perfect representation of paradise in the island,” Brian Boothe, General Manager, NCB Corporate Banking said.

He also noted his organisation’s dominance as market leaders in new project financing for the hospitality sector, including greenfield projects.

“The NCB Corporate Banking Division continues to be Jamaica’s leading provider of financial services to top tier local and international corporate clients,” he said.

Azul Sensatori Jamaica is owned and operated by Karisma Hotels.