Occidental Closes on Long-term Debt Financing and Embarks on Improvement and Refurbishment Plan
Madrid - May 13, 2013 - Following months of negotiations, Occidental Hotels & Resorts has concluded its long-term debt refinancing process through an agreement with 10 Spanish and International entities which have endorsed the company´s 2012-2016 Business Plan. The process, supervised by financial advisors of the firm IREA, which is subject to completion of the final terms, will allow the Company to refinance its debt, and initiate a significant amount in investments with an intensive renovation and improvement plan of its hotels and resorts within the chain.
Upon the successful completion of the refinance process, with the support of financial institutions, in accordance to its Business Plan, Occidental will focus the development of its hotel business activities over the coming years in 7 countries of the Caribbean and Central America (Aruba, Costa Rica, Colombia, Cuba, Dominican Republic, Haiti and Mexico), where the Company manages 17 hotels, 12 of which are owned by the chain and 5 are under management agreements. Occidental Hotels & Resorts is also one of the leading companies in the time-share industry through its Occidental Vacation Club unit which has a portfolio of 23,000 members, mostly in the United States and Canada.
The commitment of the shareholders of Occidental Hotels & Resorts towards the Caribbean, and the agreement to terminate unprofitable operations in Spain, has permitted to reposition the Company at profitability levels that allow it to increase its competitive advantage. Between 2010 and 2012 the Company completed an important consolidation effort that has allowed it to increase its EBITDA from $29 million USD in 2010 (where the activities in Spain contributed to significant operating loss) to $54 million USD in 2012. This process of improvement, as well as strategic realignment, coupled with the successful refinancing of its debt, allow Occidental to embark on a new phase of development of its business activities through new investments in asset upgrade, that will permit their positioning as one of the successful companies in the hotel business as well as the all-inclusive time-share segment across the different countries in the Caribbean. Occidental manages 6,000 rooms in 19 hotels in 8 countries in the Caribbean, Central America and Europe. The Company has more than 4,300 employees.
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