Occidental Hotels & Resorts Refinances Debt and Embarks on a Refurbishment Investment Plan
Madrid, Spain - June 11, 2013 - 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 following months of negotiations. The refinancing process has been conducted by financial advisors of the firm IREA, this new strategic financial plan will allow the Company to refinance its debt, and initiate a significant renovation and improvement plan of its hotels and resorts.
Shareholders of Occidental Hotels & Resorts within the Caribbean have terminated unprofitable operations in Spain, which has permitted the company to reposition at profitable levels to increase its competitive advantage. Between 2010 and 2012, the Company completed an important consolidation effort, which increased 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, has allowed Occidental Hotels & Resorts to embark on a new phase of development through business activities, new investments and asset upgrades within the all-inclusive segment.
With the successful completion of its refinancing plan, Occidental Hotels & Resorts will focus on the development of its hotel business activities over the coming years. Today, the company manages 17 hotels in 7 countries throughout the Caribbean and Central America (Aruba, Costa Rica, Colombia, Cuba, Dominican Republic, Haiti and Mexico), 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, its Occidental Vacation Club unit has a portfolio of 23,000 members, mostly in Canada and the United States.
Occidental Hotels & Resorts operates under four distinct brands: Royal Hideaway, Occidental Grand, Allegro and Occidental City Hotels, each perfectly suited to address the leisure and travel needs of its market segment.
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