Administradora de Fondos de Inversión Popular has acquired a 25% stake in the Paradisus Palma Real Golf & Spa and ZEL Punta Cana hotels through one of its investment funds.
- With this alliance, Meliá continues to advance its strategic objectives of updating and repositioning its portfolio, while maintaining the strength of its balance sheet.
Meliá Hotels International has signed an agreement through which the Fondo Cerrado de Sociedades Popular, managed by the fund manager of Grupo Popular, a leading financial group in the Dominican Republic, has invested 63 million dollars in two of the Meliá group's assets in Punta Cana: Paradisus Palma Real Golf & Spa and ZEL Punta Cana.
With this transaction, carried out through a capital increase, the Fondo Cerrado de Desarrollo de Sociedades Popular acquires 25% of the Meliá subsidiaries that own these hotels.
Gabriel Escarrer Jaume, Chairman and CEO of Meliá Hotels International, expressed his gratitude to Grupo Popular for its confidence in the hotel company, which - as he reiterates - continues to be committed to tourism in the Dominican Republic. He recalled that “this operation is not only part of the financial strengthening objectives of Meliá Hotels International, but also of the company's commitment to the destination, where we continue to grow and enhance the experience of our customers".
Both Paradisus Palma Real Golf & Spa and the new ZEL Punta Cana hotel are two assets with great potential in the destination. With the support of Grupo Popular, this month will see the opening of the first ZEL hotel, a brand born from the collaboration between Meliá and tennis player Rafa Nadal, in a destination where Meliá recently announced new plans for growth in the country.
The entry of this fund as an investor has been carried out through a capital increase in the Meliá subsidiaries that own the assets, in which the Fondo Cerrado de Desarrollo de Sociedades Popular has joined as a partner through the subscription of ordinary shares. This fund is managed by Administradora de Fondos de Inversión Popular (AFI Popular) and, for this operation, it has counted mainly on the participation of the pension fund managed by AFP Popular, also a subsidiary of the Popular Group.
The two subsidiaries of the Popular Group, which already has other lines of business linked to tourism, have expressed their satisfaction with the operation. Eduardo J. Grullón, Chairman of AFP Popular, and José Manuel Cuervo, Vice President of the Subsidiaries Area of Grupo Popular's Securities Marking, both stressed that “by acquiring a significant shareholding in two prominent hotels of the prestigious international hotel chain Meliá, we are promoting a strategic investment that marks an important milestone both for Grupo Popular and its subsidiaries and for the tourism industry, reinforcing our firm commitment and our confidence in the sustainable growth potential of the tourism sector, vital for the Dominican economy and the socio-economic development of the country".
Both groups, Meliá Hotels International and Grupo Popular, coincide in their commitment to the tourism sector in the Dominican Republic and with this operation they are beginning a new strategic alliance that will have a positive impact on the destination.
