Spain-based Barcelo Corporacion Empresarial, the parent
company of the Barcelo Group of hotels and resorts, has agreed to become the
sole owner of Occidental Hotels & Resorts.
Spanish banking group Banco Bilboa Vizcay Argentaria intends
to sell Barcelo its 57.5% stake in Occidental. Barcelo had acquired a 42.5%
stake in May from billionaire Amancio Ortega and other minority shareholders.
The agreement is subject to approval by competition
authorities in Mexico. Barcelo estimates that the transaction will take three
months to complete.
The Occidental portfolio consists of 13 resorts: six in
Mexico, two in the Dominican Republic, two in Costa Rica, and one each in
Aruba, Colombia and Haiti.
Barcelo's inventory includes more than 38,000 rooms
throughout Mexico, the Dominican Republic, Latin American and Europe.
Barcelo said the Occidental acquisition is a key part of its
growth strategy in Latin America and the Caribbean.