Global law firm White & Case LLP has advised Vertex Real Estate and Grupo MRP, a 50:50 joint venture, as borrower in the long-term financing extended by BBVA México for the acquisition from Promotora Hotelera Punta Mita, S. de R.L. de C.V., of the hotel known as the St. Regis resort, and the related assets of the hotel business. The Firm also represented the joint venture, as borrower, under a VAT facility to finance VAT applicable to the acquisition of the related assets of the hotel business. Marriott will continue to operate the hotel.
"Our team helped navigate this strategic transaction in the midst of the complex environment caused by COVID-19's effects on the travel and leisure market in Mexico," said White & Case local partner Roberto Ríos, who co-led the deal team.
White & Case partner Juan Antonio Martín, who also co-led the Firm's deal team, added: "The successful outcome is a testament to our market-leading Debt Finance Practice, our strength in the real estate sector and the capabilities of our Mexico City office."
The St. Regis Punta Mita hotel is located on Mexico's Pacific Coast within the exclusive and luxurious Punta Mita master plan in Punta de Mita, Nayarit. The hotel opened in 2008 and has a total of 120 rooms, including 31 suites. It features six food and beverage outlets, meeting and conference spaces, an indoor/outdoor spa, a children’s club and offers access to a Championship 18-hole Jack Nicklaus Signature Golf Course, a private beach and tennis center. The new owners have defined a plan to renovate and reposition the property.
Vertex Real Estate, S.A.P.I. de C.V. is a private equity fund manager that specializes in the luxury segment of the Mexican real estate sector. Vertex Real Estate's investment was made through its second fund.
Established in 2003 by Mexican partners, Grupo MRP is a leading alternative asset manager, with more than US$3.4 billion in managed equity. It is currently investing its fifth fund in the real estate sector.
The White & Case team in Mexico City was led by partner Juan Antonio Martín and local partner Roberto Ríos Artigas, and included associates Naomi de León and Adriana Rivera.
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