BBVA press release
This is a machine translation of the original version published in Spanish
January 18, 2022
● This loan is linked to the Sustainability (Sustainability Linked Loan) and had the second opinion of Valora Consultores.
● The Park Hyatt Los Cabos Development in Baja California Sur is in charge of SOMA (Grupo Sordo Madaleno), one of the most internationally recognized architectural firms with more than 50 years of experience.
● In the last 18 months, BBVA Mexico has financed more than 50,000 million pesos in sustainable development projects, promoted through all its sales channels: Commercial Bank, SME, Patrimonial and Private Bank, Bank for Public Enterprises, Mortgages and Automotive and Corporate and Investment Banking.
BBVA Mexico announces that it has closed a Sustainability Linked Loan in the amount of $127.5 million for Hyatt de Baja S. de RL de CV for a period of 10 years, in order to finance a joint project from Hyatt and SOMA.
The credit will be used for the construction and operation of the hotel and residential development Park Hyatt Los Cabos, located in Los Cabos, Baja California Sur, a place considered among the ten relevant tourist destinations in the world for its Premium tourist offer. . Park Hyatt hotels are located in many of the world’s most desirable destinations and this development will help transform Los Cabos.
Álvaro Vaqueiro Ussel, General Manager of Corporate and Investment Banking at BBVA Mexico, said: “These financings, which incorporate environmental, social and corporate governance criteria, represent an excellent opportunity to promote, as in this case, the economic and tourist development of the region, they also reinforce BBVA’s commitment to supporting our customers in their sustainable strategies”.
Alejandro Cárdenas Bortoni, General Manager of Corporate, Government, Mortgage and Automotive Banking at BBVA Mexico, said, “This loan will bring the first Park Hyatt hotel to Mexico and mark a significant milestone in the financing of hotels that incorporate the environmental protection criteria developed by SOMA. We are committed to all our customers and we will continue to work to provide them with sustainable products and services, granting financial support to all companies in the productive sectors of the country that need it.
For his part, José Juan Sordo Madaleno de Haro, Vice President of SOMA, underlined: “For SOMA, the ambitious Park Hyatt Los Cabos project in such a dynamic and promising area represents a cornerstone of real estate development in Mexico and throughout the hospitality industry from an environmental perspective. We are excited and grateful for the synergies between the parties involved to make this project possible.”
Camilo Bolaños, Vice President of Development for the Americas at Hyatt, said, “As Hyatt seeks to continue growing its luxury portfolio, we are delighted to partner with BBVA Mexico and SOMA to continue the expansion of the brand. Park Hyatt in Mexico. The Park Hyatt property serves as a luxurious respite for travelers from around the world, and we look forward to providing a home away from home for guests who want to experience the best of Los Cabos. »
This operation had the second opinion of the company Valora Consultores, which carried out the environmental impact study and, in addition to the compliance criteria of the Equator Principles (EPs, for its acronym in English), determined the compliance criteria under which The reduction in environmental impact (reduction in energy consumption per room) of Hotel operations during the life of the credit will be assessed.
This construction is developed on a 27-acre (11-hectare) site that fuses architecture with the landscape of the desert and the sea, creating harmony with the environment. The architectural project is led by Sordo Madaleno Arquitectos (SMA), an internationally renowned real estate development company in Mexico, with 85 years of experience. In collaboration with SOMA, its sister company in the property development sector, it integrates environmental advantages and technologies in all its properties.
Among the main sustainable elements of this project will be the integration of green roofs, the use of endemic species in the landscape design which allows the optimization of water demand. The landscape design will be adapted to the species used in the development of Cabo del Sol, most of which are endemic and desert type.
In the last 18 months, BBVA Mexico has financed more than 50,000 million pesos in sustainable development projects, promoted through all its sales channels: commercial bank, SME, private and wealth bank, commercial and government bank and retail bank. ‘business.