| MADRID, Spain - Sept. 13, 2000 -- Occidental Hoteles has acquired the
all-inclusive resort chain Allegro Resorts for a total purchase price of
$435.2 million.
Terms of the acquisition include a capital cash outlay of $150 million,
with a financing of the remaining $290 million.
Parties to the acquisition include:
-
An investor group consisting of executive management, owning 31.93 percent;
Mercapital, with a 31.47 percent share;
-
La Caixa with a 31.47 percent share; and
-
other minority shareholders.
 With
this purchase, Occidental will operate 85 hotels and 20,390 rooms located
in 54 destinations throughout Europe, the Americas and Africa, making it
the world�s leading all-inclusive resort chain and the largest hotel chain
in the Caribbean, with a total of 32 Caribbean-based properties. At the
closing of the acquisition, the new company has consolidated revenues of
$320 million. Additionally, for the first time, a Spanish-owned hotel company
will have a significant presence in the U.S. market.
In July of 1999, Occidental Hoteles launched an aggressive expansion
plan with the goal to capitalize on the company�s knowledge and experience
in hotel management and operations in both business and leisure sectors
of the hospitality industry.
Allegro Resorts, a market leader in the vacation industry with 22 resorts
and 6,300 rooms in 10 countries, fits perfectly into Occidental�s strategic
growth plan because of the property portfolio and strong market penetration,
especially in the U.S. market. The integration of Allegro complements Occidental�s
development of the Flamenco project. This project, now in its initial phase,
includes five new all-inclusive resorts with a total of 5,000 rooms.
Moreover, Allegro Resorts contributes a valuable asset with its widely
recognized and valued brand name in key markets, as well as its strong
management, marketing and sales organization. Allegros� strong position
in the US all-inclusive market gives Occidental Hoteles an exceptional
competitive advantage.
With more than 6,000 employees and 1999 revenues of more than $160
million, Allegro�s reputation for high quality and operation mirrors that
of the new parent company.
Occidental Hoteles Property List
Hotel/Resort City/State # Rooms
1 Hotel Occidental Reding Barcelona
Spain 44
2 Hotel Derby Barcelona Spain
111
3 Hotel Balmoral Barcelona Spain
106
4 Hotel Occidental Blau Mar Salou-Tarragona Spain
272
5 Hotel Vila Del Mar Lloret Del Mar Spain
44
6 Hotel Occidental Porta Coeli Seville
Spain 244
7 Hotel Occidental Sevilla Seville
Spain 242
8 Hotel Occidental Cordoba Cordoba
Spain 152
9 Hotel Gran Capitan Cordoba
Spain 96
10 Hotel Coral Beach Marbella
Spain 170
11 Hotel Granada Center OH Granada
Spain 172
12 Hotel Occidental Teguise Playa Lanzarote
Spain 314
13 Hotel Occidental Oasis Lanzarote
Spain 370
14 Hotel Occidental Tenerife Gulf Tenerife
Spain 129
15 Hotel Occidental La Siesta Tenerife
Spain 282
16 Hotel Occidental Miguel Angel Madrid
Spain 263
17 Hotel Convencion Madrid Spain
95
18 Hotel Convencion Barajas Madrid
Spain 790
19 Hotel de la Reconquista Oviedo
Spain 142
20 Gran Hotel Jaca
Spain 165
21 Oroel Jaca Spain
125
22 Leyre Pamplona Spain
55
23 Europa Pamplona Spain
21
24 Byblos Salamanca Spain
78
25 Bahia de Vigo Vigo Spain
91
26 Hotel Metropolitan de Lisboa Lisbon
Portugal 315
27 Martinez Cannes France
430
28 Imperator Nimes France
60
29 Du Palais Biarritz France
156
30 Lutetia Paris
France 250
31 Ambassador Paris France
288
32 Le Royal Luxembourg Luxembourg 210
33 Hotel Bellini Venice Italy
98
34 Grand Hotel Dei Dogi Venice
Italy 68
35 Airone Marina Lido di C Italy
97
36 Real Marina Lido V Italy
61
37 Astoria Florence Italy
105
38 Tower Bologna Italy
150
39 Grand Hotel Trento Trento
Italy 136
40 Hotel de la Villa Vicenza
Italy 118
41 Hotel Leon D�Oro Verona
Italy 205
42 Grand Hotel Palace Rome
Italy 95
43 Djerba Plaza Djerba
Tunisia 299
44 Occidental Hammamet Hammamet
Tunisia 202
45 Caribbean Village Abou Sofiane Hammam-Sousse
Tunisia 313
46 Caribbean Village Riviera Hammam-Sousse Tunisia
250
47 Miami Dadeland Marriott Miami
USA 302
48 El Minzah Tangiers Morroco
140
49 Caribbean Village Agadir Agadir
Morroco 406
50 Caribbean Village Manader Agadir
Morroco 113
51 Caribbean Village Tamlet Agadir
Morroco 250
52 Allegro Resort Bavaro Bavaro Dominican
Republic 240
53 Occidental Flamenco Bavaro Dominican Republic 871
54 Occidental Playa Real Juan Dolio Dominican Republic
384
55 Occidental Flamenco Beach Puerto Plata Dominican Republic
578
56 Gran Hotel Occidenta Playa Dorada Puerto
Plata Dominican Republic 497
57 Caribbean Village Club on the Green Puerto Plata Dominican
Republic 336
58 Caribbean Village Playa Grande Puerto Plata Dominican
Republic 300
59 Jack Tar Village Puerto Plata Puerto Plata Dominican
Republic 291
60 Occidental Cayacoa Beach Samana
Dominican Republic 76
61 Occidental Cayo Levantado Samana
Dominican Republic 46
62 Occidental Gran Bahia Samana Dominican
Republic 110
63 Occidental La Esplanada Sosua Dominican
Republic 209
64 Occidental El Embajador Santo Domingo Dominican Republic
289
65 Occidental La Condesa San Jose Costa Rica
88
66 Occidental Torremolinos San Jose Costa Rica
90
67 Occidental El Tucano Alajuela Costa Rica 100
68 Occidental Costa Smeralda San Jose Costa
Rica 160
69 Caribbean Village Fiesta Puntarenas Costa Rica 240
70 Allegro Resort Playacar Playa del Carmen Mexico
296
71 Allegro Resort Cozumel Cozumel
Mexico 284
72 Allegro Resort Nuevo Vallarta Nuevo Vallarta Mexico
294
73 Caribbean Village Cancun Cancun
Mexico 300
74 Caribbean Village Playacar Playa del Carmen
Mexico 300
75 Jack Tar Village Cancun Cancun
Mexico 175
76 Royal Hideaway Playa del Carmen Mexico
200
77 Allegro Resort Laguna Mar Isla Margarita Venezuela
400
78 Allegro Resort Pineapple Beach Antigua
Antigua 180
79 Allegro Resort Aruba Aruba
Aruba 419
80 Jack Tar Village St. Kitts St. Kitts St.
Kitts 272
81 Jack Tar Village Montego Bay Jamaica
Jamaica 131 |
Occidental Hoteles Project List
Hotel/Resort City/State # Rooms
82 Occidental Papagayo Guanacaste Costa Rica 300
83 Occidental Flamenco Xcaret Quintana Roo Mexico 800
84 Occidental Palacio de Cardenas Arevalo Spain
56
85 Occidental Flamenco Fuerteventura Fuerteventura Spain
711
86 Occidental Flamenco Tenerife Spain 800
87 Allegro Cozumel Mexico 250
88 Allegro Resort Pineapple Beach Antigua 100
89 Occidental Flamenco Costa Smeralda II Costa Rica 310 |
Allegro Resorts Corporation, founded in 1993, operates resorts in Antigua,
Aruba, Costa Rica, Dominican Republic, Jamaica, Mexico, Morocco, St. Kitts,
Tunisia, and Venezuela. Its active presence in the main markets has made
this company a widely recognized and valuable brand by tourist operators
and consumers alike. Allegro presently has offices in the United States,
Europe and Latin America. |
