MADRID Occidental Hoteles has acquired the all-inclusive resort chain Allegro Resorts for a total purchase price of $435.2 million.
Terms of the acquisition include a capital cash outlay of $150 million, with financing of the remaining $290 million. Parties to the acquisition include: An investor group consisting of executive management, owning 31.93%; Mercapital., with a 31.47% share; La Caixa with a 31.47% share; and other minority shareholders.
With this purchase, Occidental will operate 85 hotels and 20,390 rooms located in 54 destinations throughout Europe, the Americas and Africa. The chain is now the largest in the Caribbean with a total of 32 properties. At the closing of the acquisition, the company has consolidated revenues of $320 million and is one of the only Spanish-owned hotel companies to have a presence in the United States. (9/13/00)