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Playa Hotels & Resorts To Acquire Six Resort in Mexico, D.R.October 26, 2007 By: Travel Agent Central Contributor Travel Agent
Playa Hotels & Resorts announced its plans to buy six high-end, all-inclusive resorts in Mexico and the Dominican Republic from a subsidiary of the Apple Leisure Group. The deal will bring the number of Playa owned hotels under management by AMResorts to seven. As part of the arrangement, Playa has committed to spend more than $25 million over the next year to upgrade the portfolio of resorts. In addition, Barcelo Crestline Corporation, the U.S.-based asset manager for Playa Hotels & Resorts, will enter into a joint venture with Apple Leisure Group to provide growth capital in exchange for a minority, non-controlling interest in the company. As a result of these partnerships, Apple Leisure Group will be able to expand its portfolio in the near future. The agreement is expected to be finalized in December of this year and will not affect Apple Leisure Group's management structure or day-to-day operations. Visit [www.playahr.com]. (JP)