Travel
November 8, 2013- Riu has informed the Government of Aruba has come to an agreement with the owner of the Westin Hotel, Wells Fargo, to buy the property. An operation that, according to the country's tourism minister, could be completed in about two months.
The Majorcan chain plans to invest between 30 and 40 million dollars to renovate the property and raise its category according to various local newspapers.
The Westin Hotel was sold in 2006 to the group Belfonti Capital Partners, who did not get good results, which led to the bank that had financed the project, Wachovia has take over the property. Wells Fargo subsequently bought the company and thus came to have control over the hotel.
It has been a long time that they have tried to sell the property. Riu submitted a bid in 2012 and submitted a letter of intent in which it undertook to carry out a 'due diligence' in three months. At first, the chain did not accept some of the conditions imposed property for sale, but eventually both sides reached an agreement.
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Travel
RIU Hotels & Resorts Has Announced the Purchase of the Westin Aruba
The Majorcan chain plans to invest between 30 and 40 million dollars to renovate the property and raise its category according to various local newspapers.
The Westin Hotel was sold in 2006 to the group Belfonti Capital Partners, who did not get good results, which led to the bank that had financed the project, Wachovia has take over the property. Wells Fargo subsequently bought the company and thus came to have control over the hotel.
It has been a long time that they have tried to sell the property. Riu submitted a bid in 2012 and submitted a letter of intent in which it undertook to carry out a 'due diligence' in three months. At first, the chain did not accept some of the conditions imposed property for sale, but eventually both sides reached an agreement.
- A Little Tour Of Where We're Staying. And A Dinner Invite!
The first time we arrived in San Miguel with the motorhome, there was a hotel and RV park right on the outskirts of town. A year later, that property had been sold and shut down with big plans for development, but it now sits as just an empty lot. There...
- Chacala (day 2)
Yesterday morning we went for a walk to try and get to the beach on the other side of town. It turns out that the entire property surrounding the other beach is private property and inaccessible by the average person. The only way to get to the beach...
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ORANJESTAD, Aruba, June 18, 2015 /PRNewswire/ -- As part of Aruba's ongoing, $1 billion+ island revitalization and beautification project, the destination recently invested more than $100 million in significant hotel updates to enhance visitors'...
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Palma de Mallorca, 25th October 2012- In its constant effort to improve the service for guests and modernise its facilities, RIU Hotels & Resorts has just announced the introduction of wireless internet in its hotels on the American continent. Guests...
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July 25th, 2011 Last week, the official presentation of the Fokker 50 aircrafts to Insel Air International took place in Curacao. These are the new aircrafts acquired from KLM that will carry the Aruba logo. These aircrafts will be registered and stationed...