Hopefully will be able to have a good (accurate) translation
Hopefully will be able to have a good (accurate) translation
Thursday, 07 November 2013 19:37 Ayera, Gobierno a wordo notifica dor di RIU cu nan a yega na un acuerdo cu Wells Fargo pa compra di e propiedad cu awor ta maneha dor di Westin.Na 2006 Belfonti Capital Partners a cumpra e propiedad y na 2009 a draag over e acionnan y banconan a bira doño. Despues di esaki Wachovia Bank a tuma over e propiedad y na momento cu Wells Fargo a cumpra Wachovia, Wells Fargo a bira doño di e hotel.Desde e tempo ey, e intentonan pa bende e hotel a cuminsa y na 2012, despues di a haci un “bidding”, RIU a wordo tuma como e candidato pa negocia. Un “Letter of Intent” a wordo firma entre e dos partidonan na juli 2013 cu un stipulacion di 3 luna pa haci “due diligence”. RIU na principio no a bay di acuerdo cu e condicionnan di compra stipula y a propone otro condicionnan cual awor Wells Fargo a acepta.Gobierno a informa RIU di e cambionan den leynan laboral cu a tuma lugar e aña aki y e hecho cu RIU mester tuma over e empleadonan di Westin Hotel incluyendo tur nan derechonan acumula.Minister di Turismo tambe a wordo informa, cu una vez e proceso di compra (mas o menos 2 luna) wordo finaliza, RIU lo cuminsa prepara pa un renovacion di 30 pa 40 miyon Dollar pa upgrade e hotel na un standard mas halto.RIU tambe a yega na cierto acuerdonan cu Starwood, e compania di maneho bou di cual e hotel ta opera na e momentonan aki.
Many different bank names in there...looks very interesting
Jacki ~ loving Aruba from NJ
"...The three largest pooled contributors to losses (by unpaid principal balance) in the ‘B’ stress scenario are: Kyo-Ya Hotels (43.8%), Westin Aruba (4.5%), and Colonial Mall – Myrtle Beach (1.6%). ...
...The Westin Aruba is a 478-room, real estate owned (REO) hotel property located in Palm Beach, Aruba. The property has beachfront access, retail and meeting space, as well as a nightclub and a 12,000 square foot (sf) casino. The loan transferred to special servicing in November 2008 when the borrower failed to make operating advances to the hotel operator as specified in the loan agreement. The property has been REO since May 2009, when the special servicer foreclosed on the mezzanine lender who had foreclosed on the original sponsor.
The special servicer continues to streamline operations in an effort to reduce expenses as well as complete necessary repairs. The casino lease payment was reduced by the original borrower prior to foreclosure by the mezzanine lender, and the original borrower continues to lease the casino. A lawsuit has been filed on behalf of the trust to contest the lease reduction. The servicer is currently waiting for a ruling on the litigation before marketing the property for sale, as the casino lease payment impacts the value of the asset. The current property cash flow does not cover the scheduled debt service and the servicer is advancing a reduced interest payment based on an appraisal reduction. ..."
The Westin Resort & Casino Aruba for sale
translation and very much paraphrased................. (from my Aruba friend )
"According to Diario and 24ora, the Rui just confirmed they bought the Westin"
thank you Amy S!!
My "loose" translation from a Spanish tourism news website
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.
I hope that the employees of the Westin are being retained.
I wonder if that was one of the conditions of the sale?
RIU officially notifies Aruba government they will purchase Westin Resort
On 8 Nov, 2013 At 08:22 PM | Categorized As Local | With 0 Comments
ORANJESTAD – Recently, RIU management officially announced to the Aruba government they have reached an agreement with Wells Fargo to purchase the Westin Resort & Casino Aruba.
In 2006, Belfonti Capital Partners obtained the property: it transferred from the Wyndham to Westin flag at the end of the year. In 2009, Belfonti Capital Partners transferred the shares to the banks, which became the owners of the property. Following that, Wachovia Bank took over the shares. When Wells Fargo bought Wachovia Bank, they became the owners of Westin.
Wells Fargo put the hotel on the market and in 2012, RIU won a bidding contest to purchase the property. In July 2013, the two parties signed a Letter of Intent, with the stipulation that RIU had 3 months time for due diligence to meet the terms of the agreement. RUI didn’t agree with the conditions stipulated, and presented counter- conditions, which Wells Fargo accepted.
The Aruba government, in turn, informed RIU of the recent changes in the labor laws, effective this year, which stipulates that RIU must take over the employees of the Westin, including their accrued benefits. RIU also came to an agreement with Starwood, the company that at present manages the hotel.
RIU also informed the Minister of Tourism that once the process to buy the Westin (about 2 months) is finalized, they will start with renovating and upgrading the facility. The cost of the renovations are expected to be between 30 to 40 million U.S. dollars
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