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Latin America Investment News on Viva Tropical

Royal Decameron Hotel Chain Opens $14 Million Resort in Ecuador

Article Summary:

Royal Decameron Hotel opened it second location in Ecuador in Santa Elena, where it conducted a $14 million renovation project on the foreclosed Hotel Punta Centinela, which was formerly owned by Lorma SA. Royal Decameron has 40 resorts worldwide, two of which are in Ecuador.

Photo Credit: El Comercio

Original Article Text From El Comercio via Google Translate :

St. Helena and has a hotel-type All-Inclusive

The late hotel Punta Centinela in Santa Elena, and operates as part of the international hotel chain Royal Decameron, which has 40 resorts worldwide. These two buildings, with a capacity of 197 rooms, which are adjacent to an area with swimming pools, recreational areas, sauna, spa, gym.

This is the second operation in the country has Decameron. Mompiche hotel, which opened two years ago, represented an investment of USD 40 million, while the Santa Elena totaled USD 14 million, of which $ 6.1 million for the purchase of the property.

On August 1, 2011, the Board of the National Financial Corporation (CFN) authorized the sale of the Hotel Punta Centinela by public auction after it awarded in May 2010. Decameron was the only bidder that was presented at second point, a year ago, although initially there were three parties, said Jorge Wated, manager of the CFN.

The hotel had passed into the hands of the public finance by auction made in the trial against the company coercive Lorma SA, which held an overdue debt by $ 4.2 million for about eight years. This firm had agreed to a loan, in the late nineties, to build the hotel, but since 2000, after repeated payment arrangements, the company stopped paying.

According Wated, the hotel was still operating, but without canceling their obligations. Prior to sale, the NFL made a commercial appraisal results showed a figure of around USD 6.1 million. In a sealed envelope Decameron had offered USD 6.15 million. “We won all because for the debt of $ 4 million at the end receive $ 6 million,” said Wated.

While Camilo Saman, president of the CFN, highlighted how this type of investment, the tourism-itself are sustainable and those that depend on oil to generate returns to the sway of international prices. Decameron won the auction, but must pay the value offered in 15-year term and an interest rate of 8%.

In addition, agreed through the same financial credits short-term productivity by about $ 1.5 million. Carlos Larrea, legal coordinator Decameron Hotels Ecuador SA, attests to the benefits such projects bring to Ecuador. “The operation of a hotel as Mompiche, which has 282 rooms, leaves about $ 1 million a month in the sector. That’s what the hotel operation costs every month. ”

Enrique Ponce, general manager of the new hotel, more general explanation. “We have opened a new tourist destination to the world from Ecuador,” he said during the program of symbolic delivery of the hotel by the CFN to Cameron.

Another detail is that the list of former employees of Punta Centinela was completed with the hiring of people living in nearby communities. Bacilio Joseph, a native of St. Paul, was one of them. While quick to be ready skewers and seafood empanadas, sweet cocoa and other dishes prepared as a kitchen assistant, has left his job at a restaurant in Paseo Shopping in Salinas to be part of the 350 workers recruited Cameron. “It was an opportunity I could not refuse.”

Link to Original Article:

From El Comercio

Latin America Investment News on Viva Tropical