Financing for the Remodeling of the Secrets Aura Cozumel, Sunscape Sabor Cozumel, and Dreams Cozumel Hotels

The partner, Eduardo Villanueva Ortiz, associate, Emiliano Flores Zepeda, and law clerks, Paola Guadalupe Medina Núñez, Casilda Rodriguez-Peña Monterrubio, Miriam Esperanza Martínez Muñoz, María José Pérez Orozco, José Emilio Lezama Uribe, and Alfredo Hernández Valdivieso, advised and represented Banco Sabadell, S.A., Institución de Banca Múltiple, as agent, in a syndicated loan with Banco Monex, S.A., Institución de Banca Múltiple, Monex Grupo Financiero, Banca Mifel, S.A., Institución de Banca Múltiple, Grupo Financiero Mifel and Avantta Sentir Común, S.A de C.V., SOFOM, E.N.R., as creditors.

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The funds were allocated to corporate matters, the settlement of existing liabilities, and the remodeling of the Secrets Aura Cozumel, Sunscape Sabor Cozumel, and Dreams Cozumel hotels, which are part of the prestigious Hyatt Hotels Corporation and have won awards such as the RCI Gold Crown Resort in 2022, AAA 3-Diamond Rating, and the WTTC Safe Travels Stamp of Approval in 2020.

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The financing was granted to Arotesa Isla, S.A. de C.V., as the borrower, a Mexican company involved in the development and operation of the hotel sector in Cozumel. The transaction involved a high-value tourism portfolio comprised of hotels located in one of the most attractive hotel zones in the Mexican Caribbean, offering a focus on luxury, relaxation, gastronomy, entertainment, spa treatments, and water activities.

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This complex transaction entailed (i) the termination of various existing security interests (share pledge agreements, a pledge agreement on the Hotels' FF&E, and a pledge agreement in the United States of America subject to Florida law, on the collection rights from the Hotels' commercial operations), and (ii) the simultaneous and expedited execution of new security interests with the same structure as those terminated, plus new corporate guarantees in Uruguay. This transaction reaffirms Banco Sabadell's strategic role in financing hotel projects in Mexico, while strengthening Grupo Arotesa's position as one of the most solid and experienced players in the national hotel sector.