Maho Resorts reconstruction signing. From left: CIBC FirstCaribbean Managing Director Corporate and Investment Banking Pim van der Burg, Country Manager Garth Sherwood, President and Chief Executive Officer of The Maho Group Saro Spadaro, CIBC FirstCaribbean Associate Director Investment Banking Timba Engelhardt, and CIBC FirstCaribbean Bank Senior Analyst Investment Banking Suhandi Pinedo.
PHILIPSBURG--A US$ 57.5 million Senior Secured Term Loan, partially guaranteed via Export Development Canada, has been granted by CIBC FirstCaribbean Bank to The Maho Group to jumpstart the resort company’s rebuilding.
Sonesta Ocean Point Resort and Sonesta Maho Beach Resort sustained severe damages from Hurricane Irma in September 2017.
“We are proud to support the rebuilding of what is a very important resort to St. Maarten; the start of this reconstruction will create the necessary employment and is key to bringing the tourist back to this beautiful island,” said Pim van der Burg, Managing Director Corporate & Investment Banking of CIBC FirstCaribbean Bank.
Since the passing of Hurricanes Irma and Maria, CIBC FirstCaribbean has given intensive regional support, providing relief supplies and donations and funding for the rebuilding of homes and businesses, according to a bank statement.
“Seven months later, the bank remains dedicated and committed to St. Maarten and the other territories that have been impacted by the storms,” Van der Burg said.
