Barcelo Crestline Announces Promotions Within Executive Management Team
James Carroll, CFO and Tom Baker, EVP & Chief Investment Officer
JUNE 14, 2006. Bruce Wardinski, Chairman and CEO of Barcelo Crestline, today announced two promotions within the company's executive management team. James Carroll has been promoted to the role of Chief Financial Officer. Carroll previously served the company as SVP & Treasurer. Tom Baker, formerly SVP, Owner Relations, will now serve the company as EVP & Chief Investment Officer. In conjunction with these promotions, both gentlemen will also serve in the same functions on behalf of Playa Hotels & Resorts, S.L. (Playa), a privately held Spanish company focusing on the acquisition and development of all-inclusive beachfront resorts in Mexico, Latin America and the Caribbean. The company was recently formed by Spain-based Grupo Barcelo. Barcelo Crestline has filled a critical role in setting up Playa and attracting investors; they will also asset manage the entire Playa portfolio which will consist of assets that are branded and managed by Barcelo Hotels & Resorts of Palma de Mallorca, Spain.
To date, Playa has raised more than $580 million in equity funding commitments from a small group of international institutional investors. Playa's initial portfolio consists of four properties in Mexico: the Barcelo Premium La Jolla de Mismaloya in Puerto Vallarta, Barcelo Premium Ixtapa, the Barcelo Premium Huatulco and the Barcelo Premium Karmina Palace in Manzanillo. Playa will take advantage of $1.2 billion in total investment capacity to actively purchase existing resorts as well as develop new resorts in attractive resort locations.
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