Active Development AidData Chinese Aid

China Eximbank provides RMB 85 million loan for Hemingway Hotel Project (Linked to Record ID#69414, #69598)

¥85M RMB

Funder	Export-Import Bank of China (China Eximbank)
Recipient Organization	Suntime International Economic and Technical Cooperation (Group) Co., Ltd.
Country	Cuba
Start Date	Jan 01, 2016
End Date	Sep 18, 2028
Duration	4,644 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`69532`

Grant Description

China Eximbank provides RMB 85 million loan for Hemingway Hotel Project In 2016, China Eximbank issued an RMB 85 million loan to Suntime International Economic and Technical Cooperation (Group) Co., Ltd. -- a special purpose vehicle and subsidiary of Xintian International Economic and Technical Cooperation (Group) Co., Ltd. -- for the the Hemingway Hotel Project in Cuba.

The hotel was to be located in the "Hemingway Coastal Tourist Area" in the Playa District west of Havana, covering an area of approximately 70,000 square meters. The project primarily consisted of two components: the construction of a business hotel and a tourist resort hotel. CITIC Construction and the Cuban Construction Ministry were jointly responsible for project implementation.

Construction was originally expected to begin by the end of 2004 and conclude by the end of 2006, but due to financing challenges, the project didn't begin until November 2016.

In 2018, it was estimated that it would take $200 million to complete the project and that an unknown company won a contract for the project worth $200 million.

📋 Staff Comments

The Chinese project title is 新天海明威酒店项目.
Project ID#69532 captures the debt financing for the project. Project ID#69598 captures the equity financing for the project.
On October 4, 2002, the Bank of Shanghai granted the Cuban-Chinese joint venture 'Shanghai SunCuba Co. Ltd.' (which is comprised of the same two organizations as 'Habana SunCuba') a $72 million loan for the construction of a 686-room hotel in the Pudong neighborhood of Shanghai. This project is captured via Project ID#69354. The 'Sino-Cuban Cooperation in the Construction of Two Hotels Project' umbrella project is captured via Project #69598.
Multiple sources identify the implementing agency as Xintian International Economic and Technical Cooperation (Group) Co., Ltd. rather than Suntime International Economic and Technical Cooperation (Group) Co., Ltd. Xintian International Economic and Technical Cooperation (Group) Co., Ltd. is a shareholder of Suntime International Economic and Technical Cooperation (Group) Co., Ltd. (See: 进出口银行上海分行助力新天集团).
Suntime International Economic and Technical Cooperation (Group) Co., Ltd. is a partner in the joint venture 'Habana SunCuba,' which was created for the construction and operation of a 650-room, 5-star hotel on the grounds of the Marina Hemingway, namely the Hemingway Hotel.

📚 Sources & References

进出口银行上海分行助力新天集团
Cuban and Chinese Investors Partner for New Hemingway Hotel
China, key partner in Cuba's tourism development
Cuba y China construirán un hotel de cinco estrellas en La Habana
Cuba's Q1 2016 Hotel Pipeline
公司中标古巴海明威游艇码头酒店项目
El Banco de Shanghai concede a Cuba un crédito por 72 millones de dólares para la construcción de un hotel Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.