Meliá Hotels International has signed an agreement through which the Fondo Cerrado de Sociedades Popular, managed by the fund manager of Grupo Popular, a leading financial group in the Dominican Republic, has invested 63 million dollars in two of the assets of the Meliá group in Punta Cana: Paradisus Palma Real Golf & Spa and ZEL Punta Cana. With this operation, carried out through a capital increase, the Fondo Cerrado de Desarrollo de Sociedades Popular acquires 25% of the Meliá subsidiaries that own these hotels.
Gabriel Escarrer Jaume, President and CEO of Meliá Hotels International, has expressed his gratitude to Grupo Popular for its trust in the hotel chain, which - as he reiterates - continues to support tourism in the Dominican Republic. Thus, he recalls that "this operation is not only part of the financial strengthening objectives of Meliá Hotels International, but also in the company's commitment to the destination, where we continue to grow and enhance the experience of our customers."
Both Paradisus Palma Real Golf & Spa and the new ZEL Punta Cana hotel are two assets with great potential in the destination. With the support of Grupo Popular, the first ZEL hotel will open this month, a brand born from the collaboration between Meliá and the tennis player Rafa Nadal, in a destination where Meliá recently announced new growth plans in the country.
The entry of this fund as an investor has been carried out through a capital increase in the Meliá subsidiaries that own the assets, in which the Fondo Cerrado de Desarrollo de Sociedades Popular has joined as a partner through the subscription of ordinary shares. This fund is managed by the Popular Investment Fund Manager (AFI Popular) and, for this operation, it has mainly relied on the participation of the pension fund managed by AFP Popular, also a subsidiary of Grupo Popular.
Both subsidiaries of Grupo Popular, which already has other lines of business linked to tourism, have expressed their satisfaction with the operation. Both Eduardo J. Grullón, President of AFP Popular, and José Manuel Cuervo, Vice President of the Subsidiaries Area of the Grupo Popular Securities Market, have highlighted that “by acquiring a significant shareholding in two prominent hotels of the prestigious international hotel chain Meliá, we are promoting a strategic investment that marks an important milestone for both Grupo Popular and its subsidiaries, as well as for the tourism industry, reinforcing our firm commitment and our confidence in the potential for sustainable growth of the tourism sector, vital for the Dominican economy and the country’s socioeconomic development.”
Both groups, Meliá Hotels International and Grupo Popular, agree on their commitment to the tourism sector in the Dominican Republic and with this operation they begin a new strategic alliance that will generate a positive impact on the destination.
Source: Meliá Hotels International.