Spain’s Playa invests in the Dominican Republic

Adding to its growing portfolio of hotel and resort assets, Playa Hotels and Resorts, the property vehicle of Grupo Barceló, has acquired a 540-unit resort in the Dominican Republic.

Playa Hotels and Resorts has acquired the 540-unit Occidental Allegro Punta Cana Resort in the Dominican Republic. The property will be re-branded as the Sunscape Punta Cana Dominican Republic.

The deal is the latest in Playa’s acquisitions throughout the Dominican Republic and Mexico since its inception last year. It currently has 12 hotels located in the Dominican Republic and Mexico, including the Grand Flamenco Puerto Plata resort, another Occidental Hotels and Resorts property.

The Sunscape Punta Cana features 540 guest rooms and suites. The resort was recently renovated with upgraded restaurants and guest facilities and as well as improvements to all guest rooms.

“The acquisition of this expansive property fits the parameters of our asset management portfolio for upscale resorts throughout the Caribbean,” Bruce Wardinski, chairman and chief executive of Playa Hotels and Resorts, said in a statement. “We believe this property will be very successful under the popular Sunscape Resorts & Spa brand and will complement our other Sunscape Resort & Spa in the Dominican Republic, the Sunscape Casa del Mar La Romana.”

Grupo Barceló, headquartered in Palma de Mallorca, Spain, announced the formation of Playa Hotels and Resorts in May 2006. The privately held equity fund focuses on the acquisition and development of all-inclusive resort assets in Mexico, Latin America and the Caribbean. Playa has raised more than $580 million in equity funding from a small group of international institutional investors including Barceló, Merrill Lynch Global Principal Investments and Marathon Asset Management.