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Refinancing of Hilton and Breezes Curacao - hospitality loan of 90 million
The transaction was performed with First Caribbean as arranger and financier and Loewenherz Resort Holding bv as Borrower. Maduro & Curiel’s Bank, Girobank, Fatum Life, Korpodeko, Vidanova Pension Fund, Foundation Pension Fund Isla Curaçao, and the Postspaarbank were also financiers in this transaction. Counsel to the Lenders is the law firm VanEps Kunneman VanDoorne.
Loewenherz Resort Holding, a division of The Lionstone Group of the Argentine entrepreneur Alfredo Lowenstein, is specialized in real estate and international hotel investments. The group has over thirty years of experience in developing, leasing and managing hotels and houses in Miami, Puerto Rico, Aruba, Costa Rica, Panama, and Italy. Except for the Hilton Curaçao Resort & Casino and the SuperClub Breezes Curaçao Resort Spa & Casino, the company also owns and operates theFloris Suite Hotel at Piscadera, so that the group represents 646 rooms in Curaçao. Country manager Pim van der Burg of First Caribbean Bank: “By structuring this transaction we have not only provided a suitable financial solution to our client, but we have also created local investment possibilities for investors and pension funds in Curaçao.”
According to the bank director, this transaction shows that “we consider Curaçao as one of our most important growth markets” and this is therefore “again a milestone for First Caribbean International Bank”. It also shows the experience and expertise of the corporate and investment banking team in structuring major business transactions, according to Van der Burg. First Caribbean constitutes part of the Canadian CIBC Group. Except for owner Lowenstein – living in Switzerland –, Rolf Sprecher in Miami and Mirto Murray in Curaçao are also directors of Loewenherz Resort Holding, established in April this year as investment organization.
VanEps Kunneman VanDoorne (Focco Lunsingh Scheurleer and Dinesh Sewnandan Mishre) acted as counsel to Lenders.
Source: National newspaper “Antilliaans Dagblad”, dated 13 December 2010.