ALOJICA COMPLETES ACQUISITION OF THE MARRIOTT PUERTO VALLARTA RESORT & SPA

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• España - español
• Latin America - español

MEXICO CITY, Sept. 29, 2023 /PRNewswire/ -- Black Creek Mexico ("BCM") is pleased to announce that affiliates of Alojica, a BCM sponsored investment platform, have completed the acquisition of the Marriott Puerto Vallarta Resort & Spa, from an affiliate of Marriott International, Inc. The 433-room beachfront resort, located in Puerto Vallarta, Jalisco, Mexico, is managed by an affiliate of Marriott International under a long-term Marriott Hotels & Resorts agreement. Alojica plans for the property to undergo a transformational capital improvement plan to convert the property into All-Inclusive by Marriott Bonvoy. Planned improvements include a comprehensive renovation of all guestrooms and the addition of swim-up pool rooms, a reimagination of the food and beverage offerings, and a new master plan to expand and enhance the hotel's pools, spa, fitness, landscaping and other recreational amenities around newly designed public areas.

"All-inclusive resorts are among the fastest growing hotel asset classes globally and in Mexico in particular, and we are very excited to join forces with Marriott International to accelerate their All-Inclusive by Marriott vision", said Marta Molina-Seal, Managing Partner of Alojica. "Together with the neighboring The Westin Resort & Spa, Puerto Vallarta, which we acquired last year and where renovations are underway, the Marriott Puerto Vallarta will redefine the guest experience with the introduction of new and complementary all-inclusive offerings over the next few years. These investments are part of our strategy to create, through value-add strategies, a large-scale portfolio of institutional-quality resorts throughout Mexico's primary tourism markets".

Situated in the vibrant town of Puerto Vallarta and overlooking the scenic Bay of Banderas, Marriott Puerto Vallarta Resort & Spa features 433 guestrooms and suites, 6 restaurants and bars as well as 8800 SF of meeting space spread over five hectares of prime beachfront land. The hotel is located in the exclusive Marina Vallarta area and situated only a few minutes away from the Puerto Vallarta International Airport and downtown Puerto Vallarta with its robust artistic, culinary and entertainment offerings.

"Alojica's acquisition marks an exciting time for Marriott as we continue our focus on transforming the all-inclusive segment throughout the Caribbean and Latin America," said Brian King, President of the Caribbean and Latin American region for Marriott International. "As travelers crave immersive, personalized, and stress-free experiences, Marriott has been meeting customer demand with fresh, elevated all-inclusive offerings that cater to guests looking to relax and enjoy our properties and explore local cultures by going beyond the gate. We were impressed by Black Creek Mexico and Alojica's vision and are thrilled to work alongside them as they bring the evolution of the Marriott Puerto Vallarta as well as the Westin Puerto Vallarta to life."

About Black Creek Mexico
Black Creek Mexico is a leading private real estate investment management firm specializing in Mexican markets. Since 1996, BCM affiliated investment platforms have developed, acquired and operated more than 175 of industrial, retail, residential, multifamily and hospitality properties in Mexico, representing in excess of $3 billion of aggregate transaction value. The firm seeks to generate attractive risk-adjusted returns for its investment partners through investments in scalable, secular strategies. With offices in Denver, Colorado and Mexico City, BCM operates through a vertically-integrated business model, combining direct local execution capabilities with an institutional investment management platform.

About Alojica
Alojica is a Black Creek Mexico sponsored real estate investment management platform focused exclusively on lodging real estate opportunities in Mexico. Alojica embraces a holistic institutional approach to hotels and hotel-anchored real estate that seeks to drive long-term asset value through strategic lodging expertise and asset management. The firm is actively seeking institutional investment opportunities in lodging properties throughout Mexico's primary hotel markets.

SOURCE Alojica; Black Creek Mexico