Latest News
HomeRegional NewsCentral & South AmericaStrategic Hotels & Resorts, Inc. signs agreement to sell The Four Seasons Punta Mita Resort
Hotels

Strategic Hotels & Resorts, Inc. signs agreement to sell The Four Seasons Punta Mita Resort

The sale includes 173 guest rooms and suites and a variety of resort restaurants and amenities.

CHICAGO – Strategic Hotels & Resorts, Inc. announced that the company has signed an agreement with Cascade Investment, L.L.C. to sell the Four Seasons Punta Mita resort and the adjacent La Solana land parcel for gross consideration of $200 million, or approximately $1.1 million per key. Adjusting for the allocation of the land value, the sale represents approximately $980,000 per key.

The sale includes 173 guest rooms and suites and a variety of resort restaurants and amenities. The sale also includes a 48 acre developable site directly adjacent to the resort, referred to as La Solana. The transaction, which is subject to certain closing conditions and regulatory approval, is expected to close in the first quarter of 2014.

“The sale of the Four Seasons Punta Mita is a meaningful opportunity to realize the tremendous value that Strategic Hotels has created in this resort since acquiring it in 2001,” said Raymond L. “Rip” Gellein, Chairman and Chief Executive Officer of Strategic Hotels & Resorts, Inc. “Consistent with our stated strategy, the proceeds from the transaction will be used to de-leverage the company’s balance sheet.  As we move forward, we will continue to be opportunistic buyers and sellers of assets to further strengthen our balance sheet, enhance our overall portfolio and position the company for sustained growth.”

Cascade Investment is the private investment arm for Bill Gates. It is a shareholder of Strategic Hotels, owning approximately 6.4% of the company’s common equity.

Vicky Karantzavelou
Co-Founder & Chief Editor - TravelDailyNews Media Network | Website

Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales.

She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.

19/07/2024
18/07/2024
17/07/2024
16/07/2024
15/07/2024