Azul Sensatori Jamaica, owned and operated by Karisma Hotels is expanding its room capacity in Jamaica.
It has completed the structuring of a USD$27-million loan with National Commercial Bank’s Corporate Banking Division for the expansion of the Azul Sensatori Hotel in Negril.
A renowned leader in international hospitality management with properties across the Caribbean, Latin America, and Europe, Karisma Hotels will use the funds for the construction of a new 149 room hotel alongside its present 136 room property on Negril’s famous seven-mile beach.
National Commercial Bank won the mandate to arrange the financing of the new Azul Beach Resort Sensatori on some five acres of Negril’s beachfront.
The loan is structured over 10 years with USD$10-million of the USD$27-million financed by the Development Bank of Jamaica (DBJ).
The loan features a flexible payment structure offering financial benefits to the hotel, which includes facilitating graduating payments, and a moratorium on principal payments, among others.
Thus far, Karisma has invested USD$80-million across the two properties in Jamaica.