Friday, November 8, 2013

RIU Hotels & Resorts Has Announced the Purchase of the Westin Aruba

Aruba Bound
November 8, 2013- Riu has informed the Government of Aruba has come to an agreement with the owner of the Westin Hotel, Wells Fargo, to buy the property. An operation that, according to the country's tourism minister, could be completed in about two months.

The Majorcan chain plans to invest between 30 and 40 million dollars to renovate the property and raise its category according to various local newspapers.

The Westin Hotel was sold in 2006 to the group Belfonti Capital Partners, who did not get good results, which led to the bank that had financed the project, Wachovia has take over the property. Wells Fargo subsequently bought the company and thus came to have control over the hotel.

It has been a long time that they have tried to sell the property. Riu submitted a bid in 2012 and submitted a letter of intent in which it undertook to carry out a 'due diligence' in three months. At first, the chain did not accept some of the conditions imposed property for sale, but eventually both sides reached an agreement.

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