Overseas Private Investment Corporation and Marriott Partner to Develop Sustainable Hotels in Emerging Markets
June 18, 2012
(OPIC)
Rio de Janeiro, Brazil – June 18, 2012 – At the
RIO+20 United Nations Conference on Sustainable
Development, Marriott International, Inc.
(NYSE: MAR) and the Overseas Private Investment
Corporation (OPIC) announced a partnership to
support new environmentally-sustainable hotel
development in growth markets in the Middle
East, Africa, Latin America and the Caribbean.
The partnership stands to generate millions of
dollars in OPIC financing for Marriott hotel
projects internationally, demonstrating a
shared commitment to the environment and
investment in these emerging economies.
According to a Memorandum of Understanding
(MOU) recently concluded between the two
parties, OPIC will make long-term loans to the
third-party owners of the hotels, with Marriott
providing hotel management or franchising
services under separate agreements. OPIC will
design a streamlined loan approval process and
loan terms which can be modified based on local
conditions and regulations.
Each hotel project will be evaluated on its own
merits and approved according to regular OPIC
due diligence procedures. OPIC financing for
the hotel projects could reach up to $200
million in total.
The OPIC-Marriott partnership is expected to
jump start sustainable hotel development in
emerging markets where water and energy
resources may be limited. The loans will be
available to hotel owners to fund projects
across Marriott's 14 lodging brands, including
Marriott Hotels & Resorts, Courtyard and
Fairfield. The hotels will be built to
environmentally-sustainable standards such as
the U.S. Green Building Council's LEED
(Leadership in Energy & Environmental
Design) program, where available, or in
accordance with other respected global or
regional specifications.
"This is an exciting collaboration to drive
sustainable hotel development in emerging
markets, while creating opportunities for
people to build lifelong careers, supporting
local businesses and offering a multiplier
effect in the local community," said Mari L.
Snyder, Vice President of Social
Responsibility, Marriott International.
"Given that renewable resources is one of
OPIC's major priority sectors, we're pleased to
partner with Marriott – one of the world's most
respected corporate citizens – on this new
initiative," said Elizabeth Littlefield,
President and Chief Executive Officer, OPIC.
"We hope this partnership serves as a model for
future energy-efficient hotel development in
emerging markets."
OPIC committed $1.1 billion in financing to the
renewable resources sector last year, roughly
tripling its commitments from the previous
year.
The MOU complements Marriott's longstanding
pledge to the communities where it does
business. Since 2008, Marriott has contributed
$2 million to the Amazonas Sustainable
Foundation to protect 1.4 million acres of
rainforest in Brazil. This week, Marriott also
announced its next ten hotels opening in Brazil
will contribute $500,000 to sustain the REDD+
(Reduced Emissions from Deforestation and
Degradation) project.
Marriott is committed to protecting the
environment inside and beyond its hotels. Its
Spirit To Preserve® environmental strategy
calls for: greening its multi-billion supply
chain; further reducing energy and water
consumption by 20 percent by 2020; empowering
hotel development partners to build green
hotels; educating and inspiring employees and
guests to conserve and preserve the
environment; and addressing environmental
challenges through innovative conservation
initiatives. For more information about
Marriott's sustainability efforts visit
www.marriott.com/environment.
Welcome to the Exporting Source
Your one-stop resource for finding help to export to new customers, to learn about government export programs, to join export-promoting trade missions, to sign up for trade conferences and training, and to link to other exporting services. Whether you're an old hand at exporting or just getting started, the Exporting Source provides a place to locate foreign customers, export financing and foreign investment assistance.