SPAIN-BASED Grupo Piñero, the hotel group which operates Bahia Principe Hotels and Resorts, has secured US$200 million in financing to support the reopening of its hotels in Jamaica and the Dominican Republic that were closed due to the pandemic.
Of the financing, US$120 million of the amount was provided by IDB Invest; the other US$80 million came from a loan provided by Banco Popular Dominicana.
A release late Monday said the “liquidity will address the company's working capital needs, inject funds to keep its properties competitive, and provide a financial cushion as it embraces recovery”.
“With this financing, Grupo Piñero plans to revitalise its regional portfolio, coinciding with the return of international travel, which has been gradually increasing, as well as supporting the generation of foreign exchange. The reopening of its portfolio will reactivate local value chains, re-establish jobs lost during the pandemic, in addition to maintaining existing ones, and also promote the training of employees,” the release added.
IDB Invest will also offer technical assistance for the protection of coastal areas, the restoration of mangroves and corals, in addition to a consultancy to analyse the impact of climate change on the group's properties.
Grupo Piñero is a Spanish tourism group founded by Pablo Piñero in 1977. They have 27 hotels worldwide, including Bahia Principe Grand, which is the largest hotel in Jamaica.