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Plans Expansion Including New Condos, Time Share Units and Golf Course Refinanced through Bear, Stearns Funding, Inc. and the Government Development Bank for Puerto Rico |
DALLAS (July 12, 2000) -- Wyndham International,
Inc. announced today that it has completed a $131 million refinancing of
the 918-room Wyndham El Conquistador Resort & Country Club in Puerto
Rico, paving the way for the expansion of the resort�s luxury accommodations
and the development of a master plan for additional golf, beach, residential
and family vacation facilities.
Wyndham said that it has consummated a $116 million, five-year first mortgage and mezzanine financing on the Las Croabas, P.R. property through Bear, Stearns Funding, Inc. and refinanced a $15 million loan with the Government Development Bank for Puerto Rico. The company said that it would expand the Las Casitas Village luxury
section of the resort and add 65 one-, two- and three-bedroom units.
The new units will be developed through a joint venture with Interlink
Realty, a third-party developer responsible for the development of the
original Las Casitas project. The new suites will be sold as condominiums
to individual and corporate buyers, who may elect to participate in the
voluntary rental program managed by Wyndham.
In addition to the Las Casitas expansion, Wyndham said it is developing a long- term master plan for the Wyndham El Conquistador Resort. Under the master development plan, future enhancements could include a second 18-hole Arthur Hills-designed championship golf course, private members golf and spa memberships, a new clubhouse, expanded beach facilities and high-end residential and interval ownership developments. �The completion of the refinancing is an important step towards fulfilling the goal of making the Wyndham El Conquistador the premier upscale and luxury resort in the Caribbean,� said Fred J. Kleisner, president and chief executive officer of Wyndham International, Inc. �Our development plans are indicative of our belief in Puerto Rico and its people. Together with our other major properties on the island, Wyndham is committed to furthering the tourism industry in Puerto Rico.� The support of the Government Development Bank for Puerto Rico was an important element of Wyndham�s plans. Dr. Carlos A. Colon De Armas, executive vice president of the GDB, said: �We continue to value our 15-year relationship with Wyndham, one of the largest private employers on the island. Tourism is an important source of jobs and revenue for the island and our mission is to ensure that the GDB supports high quality developments such as the Wyndham El Conquistador.� Wyndham El Conquistador Resort & Country Club is recognized as one of the world�s unique destination resorts, dramatically set atop a 300-foot bluff, overlooking the picturesque fishing village of Las Croabas, the Caribbean Sea and the Atlantic Ocean. Resort accommodations range from the ultra-secluded and exclusive Las Casitas enclave with private 24-hour butler service for each of its suites to the casual Mediterranean atmosphere of La Marina Village. Amenities include the world-renowned Golden Door Spa, a tournament class tennis center, 18-hole Arthur Hills-designed championship golf course, private Palomino Island, water sports center, casino, 14 restaurant and dining options and 70,000-sq. ft. of meeting and conference facilities. In Puerto Rico, the company also operates the Wyndham El San Juan Hotel & Casino, the Wyndham Old San Juan Hotel & Casino and the Condado Plaza Hotel & Casino, in addition to the Wyndham El Conquistador. Wyndham International, Inc. (NYSE: WYN) offers upscale and luxury hotel and resort accommodations through proprietary lodging brands and a management services division. Based in Dallas, Wyndham International owns, leases, manages and franchises hotels in the United States, Canada, Mexico, the Caribbean and Europe. |
Wyndham International, Inc. Darcie Brossart: [email protected] (214) 863-1335 www.wyndham.com |
Also See | Report Concerning Aftermath of Hurricane Georges / El Conquistador, Puerto Rico Resort OK / Sept 1998 |
Patriot American Hospitality, Inc. To Acquire WHG Resorts Casinos Inc./ Sept 1997 |