Belfonti Acquires Former Wyndham, Aruba for $230 mil
Plans to Renovate and Rebrand to Westin
NEW YORK, NY, May 9, 2006. Belfonti Capital Partners today announced the acquisition of the Aruba Resort, Spa & Casino, formerly known as the Wyndham Resort (www.arubaresortspa.com), a 478-key luxury resort located in Palm Beach, Aruba in an off-market transaction valued at $230 million. Acquisition and renovation financing was provided by Wachovia Bank.
The Aruba Resort, Spa & Casino is the largest hotel in Aruba and boasts the island's largest convention and banquet spaces. The hotel also boasts the world-famous 12,000 square-foot Casablanca Casino, one of the Caribbean's premier gaming destinations.
Based in New York City, Belfonti Capital Partners (www.belfonticapital.com) is a venture capital firm focused on acquiring real estate development and investment opportunities throughout the United States and internationally. The principals of Belfonti Capital Partners, Michael Belfonti and Adam Hochfelder, have over 40 years of combined real estate development and investment experience and have collectively completed billions of dollars in real estate transactions, including most recently 485 Fifth Avenue in Manhattan.
The seller was Aruba Hotel Enterprises, NV. Carlton Advisory Services, Inc. and Credit Suisse First Boston's Hospitality Group acted as financial advisors to Belfonti Capital Partners in this transaction. The new owners plan a capital improvement campaign to further enhance the property's already stellar reputation, and will subsequently announce a re-flagging of the property.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
