New Hotel Chain Focuses on Latin America

Palma de Mallorca, Spain -- Grupo Barcelo, one of Spain's leading hotel companies, has formed a new hotel chain to consist of all-inclusive, beachfront resorts in Latin America and the Caribbean.

Playa Hotels & Resorts has raised more than $580 million in equity commitments from a small group of international institutional investors, including Barcelo, Merrill Lynch Global Principal Investments, and Marathon Asset Management, Barcelo announced yesterday.

Playa's initial portfolio consists of four properties in Mexico: the Barcelo Premium La Jolla de Mismaloya, in Puerto Vallarta; Barcelo Premium Ixtapa; Barcelo Premium Huatulco; and Barcelo Premium Karmina Palace, in Manzanillo.

All future acquisitions will also be branded and managed by Barcelo Hotels & Resorts. Barcelo and its affiliates own, manage and lease more than 120 hotels in 16 countries.