Playa Purchases Barcelo Tucancun Beach Hotel
The Barcelo Tucancun Beach Hotel Will Retain its Barcelo Branding and Management
PALMA DE MALLORCA, Spain, September 5, 2006. Playa Hotels & Resorts, S.L., the company formed earlier this year by Grupo Barcelo in Palma de Mallorca, Spain, announced its acquisition of the 332 guestroom Barcelo Tucancun Beach Hotel from Highland Hospitality Corporation (NYSE:HIH) . Playa Hotels & Resorts (Playa) purchased the Cancun property for $38 million following a $9 million insurance settlement. The hotel had been severely damaged during the 2005 hurricane season and reopened this past April after an extensive renovation and remodeling that included: repairs to the sea wall, swimming pools, roof and tower structures, as well as the lobby, restaurants, and other common areas of the property. Playa plans on additional renovations and improvement to guest rooms, including the hotel's 16 beachside villas.
The Barcelo Tucancun Beach Hotel will retain its management and branding as an all-inclusive Barcelo Resort. Playa Hotels & Resorts, S.L., is a private equity fund that focuses on the acquisition and development of all- inclusive beachfront resorts in Mexico, Latin America and the Caribbean. "Playa is currently in active negotiations to acquire several additional hotels as well as land for the development of all-inclusive resorts in Mexico, the Dominican Republic, Costa Rica and Panama," stated Bruce Wardinski, Chairman & CEO of Playa Hotels & Resorts, S.L. "We expect to close on some of these transactions prior to year end and with over $1 billion in available capital, we are aggressively pursuing additional growth opportunities," added Wardinski. Playa presently owns five resorts in Mexico, and has raised more than $580 million in equity funding commitments from a small group of international institutional investors.
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