Wyndham International, Inc. (NYSE:WYN) announced today that it has completed a $131 million refinancing of the 918-room Wyndham El Conquistador Resort & Country Club in Puerto Rico, paving the way for the expansion of the resort`s luxury accommodations and the development of a master plan for additional golf, beach, residential and family vacation facilities.
Wyndham said that it has consummated a $116 million, five-year first mortgage and mezzanine financing on the Las Croabas, P.R. property through Bear, Stearns Funding, Inc. and refinanced a $15 million loan with the Government Development Bank for Puerto Rico.
The company said that it would expand the Las Casitas Village luxury section of the resort and add 65 one-, two- and three-bedroom units. The new units will be developed through a joint venture with Interlink Realty, a third-party developer responsible for the development of the original Las Casitas project. The new suites will be sold as condominiums to individual and corporate buyers, who may elect to participate in the voluntary rental program managed by Wyndham.
Las Casitas, which features a Golden Door Spa, is one of only two exclusive resorts in the Caribbean to receive the coveted AAA Five-Diamond Award and has held the honor for three years in a row.
In addition to the Las Casitas expansion, Wyndham said it is developing a long-term master plan for the Wyndham El Conquistador Resort. Under the master development plan, future enhancements could include a second 18-hole Arthur Hills-designed championship golf course, private members golf and spa memberships, a new clubhouse, expanded beach facilities and high-end residential and interval ownership developments.
“The completion of the refinancing is an important step towards fulfilling the goal of making the Wyndham El Conquistador the premier upscale and luxury resort in the Caribbean,” said Fred J. Kleisner, president and chief executive officer of Wyndham International, Inc. “Our development plans are indicative of our belief in Puerto Rico and its people. Together with our other major properties on the island, Wyndham is committed to furthering the tourism industry in Puerto Rico.”
The support of the Government Development Bank for Puerto Rico was an important element of Wyndham`s plans. Dr. Carlos A. Colon De Armas, executive vice president of the GDB, said: “We continue to value our 15-year relationship with Wyndham, one of the largest private employers on the island. Tourism is an important source of jobs and revenue for the island and our mission is to ensure that the GDB supports high quality developments such as the Wyndham El Conquistador.”
Wyndham El Conquistador Resort & Country Club is recognized as one of the world`s unique destination resorts, dramatically set atop a 300-foot bluff, overlooking the picturesque fishing village of Las Croabas, the Caribbean Sea and the Atlantic Ocean. Resort accommodations range from the ultra-secluded and exclusive Las Casitas enclave with private 24-hour butler service for each of its suites to the casual Mediterranean atmosphere of La Marina Village. Amenities include the world-renowned Golden Door Spa, a tournament class tennis center, 18-hole Arthur Hills-designed championship golf course, private Palomino Island, water sports center, casino, 14 restaurant and dining options and 70,000-sq. ft. of meeting and conference facilities.
In Puerto Rico, the company also operates the Wyndham El San Juan Hotel & Casino, the Wyndham Old San Juan Hotel & Casino and the Condado Plaza Hotel & Casino, in addition to the Wyndham El Conquistador.