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Playa Hotels & Resorts sells Dreams Puerto Aventuras Resort & Spa

09 Feb 2021 (Last Updated February 9th, 2021 15:36)

Playa Hotels & Resorts has concluded the sale of the Dreams Puerto Aventuras Resort & Spa in Mexico for a total cash consideration of $34.5m.

Playa Hotels & Resorts sells Dreams Puerto Aventuras Resort & Spa
Playa Hotels & Resorts has concluded the sale of Dreams Puerto Aventuras Resort & Spa for $34.5m. Credit: Engin Akyurt from Pixabay.

Playa Hotels & Resorts has concluded the sale of the Dreams Puerto Aventuras Resort & Spa in Mexico for a total cash consideration of $34.5m.

The company is the owner, operator and developer of resorts in vacation destinations in Mexico and the Caribbean and owns and/or manages a portfolio of 20 resorts located in Mexico, Jamaica, and the Dominican Republic.

It stated that through the sale, its liquidity has increased by nearly $32m.

Additionally, proceeds from the sale of Dreams Puerto Aventuras will be used for general business purposes that may include for reducing outstanding debt of the company.

In a separate development, Playa Hotels & Resorts entered into amendments to its credit agreements with its senior secured credit facility lenders to refinance and extend the maturity of a part of its revolving credit facility and extend until 31 March next year.

It also entered into the fifth amendment to its amended & restated credit agreement with Deutsche Bank New York Branch, as administrative agent and lender and the other lenders party.

This is regarding refinancing and extending the maturity of a part of the revolving credit facility through January 2024, modification of the financial covenant for certain test dates after the DB Covenant Relief Period, among other things.

The company has also entered into the second amendment to credit agreement with an affiliate of Davidson Kempner Capital Management as administrative agent.