Advanced Asset Management announced the successful acquisition of the outstanding Jewel Punta Cana resort in Uvero Alto, through its Advanced Oportunidades II Closed-End Development Investment Fund, which will undergo a comprehensive remodeling under a prestigious international brand to be operated by Playa Hotels & Resorts.
The strategic transaction was closed last December 2023, with a total of 620 rooms. In addition, as of February 2023, the Advanced Funds have invested in a resort in Las Galeras, Samana to be converted under the Wyndham Alltra brand, an exclusive hotel chain focused on all-inclusive resorts in the region.
The important milestone was presented during the celebration of Fitur 2024, in the presence of David Collado, Minister of Tourism of the Dominican Republic, who expressed the importance of the investment fund’s investments in tourism projects.
Advanced’s commitment to the development of the tourism sector is reinforced with these significant investments, allowing it to offer innovative solutions to guests and clients.
Both resorts will be operated by Playa Hotels & Resorts, a leading global asset management company with a current portfolio of 26 hotels totaling 9,756 rooms. The collaboration of Advanced and Playa Hotels & Resorts is fundamental during the remodeling and management process of the hotels, ensuring high standards of quality and service for future visitors.
The transactions in Samaná and Uvero Alto represent a milestone in Advanced’s strategy to expand its presence in the tourism sector in the country. Currently, Advanced Funds consolidates its leadership in the local market with more than 1,000 rooms built in assets under management.
The investments represent an important social impact with the generation of more than 2,000 direct jobs with a multiplier effect in the surrounding communities and the economic sector of the Dominican Republic.
At the time, Playa Hotels & Resorts announced that it closed the sale of Jewel Punta Cana for a total gross consideration of US$82.0 million, for which the company expects total net proceeds of approximately US$70.0 million.
The company has also entered into a long-term hotel management agreement with the new owner to manage the resort. The transaction was completed on December 15, 2023 .
With this, the proceeds from the transaction will be used for general corporate purposes.
Source: Arecoa.com
