Barcelo to own 100% of Occidental Hotels

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The Royal Hideaway Playacar Resort in Mexico's Riviera Maya, an Occidental property.
The Royal Hideaway Playacar Resort in Mexico's Riviera Maya, an Occidental property.

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.

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