Bricapital, SAS, a Colombia-based private equity firm focused on the hotel and resort asset class in Colombia, announced today it acquired interest in the first Hyatt Regency branded hotel in Colombia, in the coastal city of Cartagena. Bricapital, SAS is a subsidiary of Brilla Capital, the Miami-based real estate private equity firm with operations throughout the region. This transaction is part of a strategic partnership between the firm and Ospinas & Cia., a leading regional developer with more than 80 years of history in Colombia.
This transaction represents a milestone for the growth of the hospitality sector in the country, and a solid anchor for our local Bricapital Private Equity Fund, said David Brillembourg, President & CEO of Brilla Capital. The Fund will continue to invest in hospitality assets in Colombia as part of our plans for regional growth in Latin America.
The hotel, which will be managed by Hyatt Hotels & Resorts, will be part of a new mixed-use development project in Cartagenas seaside Bocagrande district, one of the most high-end retail areas of the city and close to the Convention Center. The Hyatt Regency Cartagena will offer 261 rooms, including 28 suites, four floors for the Regency Club Lounge and 74 Hyatt Regency branded residential condominiums. It will feature two upscale restaurants, a cocktail lounge and bar, a 600 square meter ballroom, spa and fitness center, multi-level swimming pool, and a modern business center. In addition, the development also includes the Plaza Bocagrande shopping mall; a five-level structure with 13,000 square meters of high-end retail space, anchored by five VIP movie theaters as well as many national and international brands among its 91 stores.
“Having Bricapital join us as strategic partner for the first Hyatt Regency Hotel in Colombia confirms the will and fundamental purpose of Ospinas & Cia., which is to build long term relationships with investors, landowners and clients through iconic and profitable projects like the Plaza Bocagrande complex, which will include a hotel, residences and commercial areas, and will position us as leaders in the development of mixed-use projects in Colombia, always meeting the highest international standards,” said Andrés Arango, President of Ospinas & Cia.
The Hyatt Regency Cartagena, expected to open in the second half of 2015, will be the first Hyatt Regency-branded hotel in Colombia and will seek to attract business and leisure travelers, as well as featuring retail, cultural and entertainment venues for both tourists and locals alike to complement Cartagenas vibrant and historical scene.
We are delighted that Bricapital, SAS has decided to invest in the Hyatt Regency Cartagena and we are hopeful to work with them on other hotel projects in Colombia and throughout the region, said Pat McCudden, Senior Vice President Real Estate And Development Latin America and Caribbean for Hyatt. Colombia is an important market for Hyatt and we continue to work aggressively to expand our presence here. We look forward to providing both leisure and business travelers a great new hotel option when Hyatt Regency Cartagena opens.
Bricapital is a Colombia-based private equity firm focused on the hotel and resort asset class within the country. Bricapital is a subsidiary of Brilla Capital, a real estate private equity firm headquartered in Miami with operations throughout the Caribbean and Latin America. The firm manages the Bricapital Private Equity Fund; this fund attracted capital from a number of Colombian institutional investors including Bancoldex (Foreign Trade Bank of Colombia) as well as other local pension funds and individuals. For more information, please visit www.brilla.com.
For over 80 years, Ospinas & Cia. S.A. has been a leader in urban development in Colombia, creating projects that stand the test of time and become beacons of progress. The projects lead by Ospinas include urban, residential and commercial developments, hotels, offices, and metropolitan scale projects, among others, all of which, besides being a good investment option for investors and businessmen, benefit the communities where they are developed by increasing their quality of life.
Colombia has attracted a lot of investment capital and this has allowed Ospinas to become the ideal partner for renowned international brands to open their doors for the first time in Colombia, or for them to become even more entrenched in the local market. Thanks to this approach, and to strategic international partnerships with well-known firms like HIG (Hospitality Investment Group) and Pegasus, Ospinas has consolidated itself within the sector as the best ally for national and international capital to find a home in Colombia. Brands like Hyatt, which is opening its first luxury hotel in Cartagena together with Ospinas, as well as retail, food, and movie theater chains, and international brands like GAP, Forever 21, Victorias Secret and Pull&Bear, all have believed in the projects developed by Ospinas and have grown thanks to them. For more information, please visit www.ospinas.com.co.
Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company with a proud heritage of making guests feel more than welcome. Thousands of members of the Hyatt family strive to make a difference in the lives of the guests they encounter every day by providing authentic hospitality. The Company’s subsidiaries manage, franchise, own and develop hotels and resorts under the Hyatt®, Park Hyatt®, Andaz®, Grand Hyatt®, Hyatt Regency®, Hyatt Place®, Hyatt House®, Hyatt ZilaraTM, and Hyatt ZivaTM brand names and have locations on six continents. Hyatt Residential Group, Inc., a Hyatt Hotels Corporation subsidiary, develops, operates, markets or licenses Hyatt ResidencesTM and Hyatt Residence ClubTM. As of September 30, 2013, the Company’s worldwide portfolio consisted of 535 properties in 47 countries. For more information, please visit www.hyatt.com.
Certain statements and assumptions in this press release contain or are based upon forward-looking information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. When we use the words will, may, anticipate, estimate, should, expect, believe, intend, or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside of Playa or Hyatts control, which could cause actual results to differ materially from those expressed in or implied by the content of this document. Factors that may cause actual results to differ materially from current expectations include, among others, general economic uncertainty in Latin America and the Caribbean; lack of acceptance of new brands or innovation; risk associated with potential acquisitions, including governmental approvals; changes in the competitive environment in our industry and the markets where we operate; and changes in federal, state, local or foreign tax law. Forward looking statements made in this press release are made only as of the date of their initial publication and neither party undertakes an obligation to publicly update any of these forward looking statements as actual events unfold.