New partnership with Marriott will bring sustainable hotels to emerging markets
OPIC has a long-standing history of working in emerging markets, and more recently has become better known for our ability to increase investment in renewable resources. Last year alone, we committed $1.1 billion in financing to the sector. As the UN’s RIO+20 Conference gets underway today, we are excited to share the news about our latest partnership, one that will expand our our work with one of the world’s most respected corporate citizens : Marriott International.
We recently concluded an agreement with Marriott that will help bring environmentally-sustainable hotels to emerging economies, including the Middle East, Africa, Latin America and the Caribbean.
Here’s how it will work:
- OPIC will provide long-term loans to the third-party owners of the hotels (each project will be evaluated on its own merits through OPIC’s normal procedures);
- Marriott will provide the management or franchising services under separate agreements; and ;
- All hotels will be built to environmentally-sustainable standards such as the U.S. Green Building Council’s LEED program where available, or in accordance with other respected global or regional specifications.
Together, OPIC and Marriott are hoping their shared commitment to the environment and investment in these emerging economies will spark even more sustainable development in countries where water and energy resources are so hard to come by. It will also benefit local economies by providing jobs in both the construction industries and the hospitality field.
In addition to the announcement with Marriott, OPIC will be also participating in conversations and events with other U.S. Government agencies such as during RIO+20 this week. We will have a full recap of the conference on The OPIC Blog in the coming days.