GFG Securities Closes $112.4 Million Refinancing in Montego Bay, Jamaica
Montego Bay, Jamaica - GFG Securities, LLC (“GFG” or “GFG Securities”) is pleased to announce that it has secured a US$112.4 million, 10-year secured term loan (the "Loan") from a leading Canadian financial institution, two Spanish financial institutions, and a multi-lateral institution. The Loan proceeds will be utilized to finance the development and construction of AMResort’s 150-room Breathless Resorts & Spas and to refinance the previous US$70 million senior debt facility on an adjacent, existing 700-key, two-hotel property in Montego Bay, Jamaica owned by a Seawind Key Investments Limited (“Seawind”).
Since their grand opening on April 22, 2010, the Secrets St. James and Secrets Wild Orchid hotels have strongly exceeded expectations. Sitting on one of the most ideal beachfront locations in the popular Jamaican tourist destination, the hotels comfortably averaged over 80% occupancy in their first full year of operation and are showing no signs of weakening as the resort sprints to the top of Montego Bay’s hotel offerings. The exclusive all-suites resorts are the first and only hotels in Jamaica for AMResorts, the fastest growing resort company providing sales, marketing and brand management services throughout the Caribbean, Dominican Republic and Mexico. Partnered with prominent Spanish developers Grupo El Fuerte, the shareholders developed a unique built-to-suite AMResorts destination.
In 2015, Seawind sought to expand their operations and to refinance their previous construction loan by actively engaging GFG Securities. GFG was able to use its expertise to gain interest from many prominent, international lenders during a tight credit period in a higher risk market. After a process to get the most favorable terms for Seawind, GFG closed the US$112.4 million term loan with four lenders from three separate geographic regions. The loan was provided by international lenders, which GFG was able to structure to avoid high withholding taxes. The proceeds provided Seawind the resources to finance their expansion and repay their previous loan under better terms.
Javier Luque, Seawind Key Investments Limited Director, said, “GFG has been instrumental in Seawind’s financial goals. We look forward to working together again in the near future.”
“Our experience in Jamaica has been nothing but smooth. We are looking forward to the continued success of the Secrets St. James and Secrets Wild Orchid resort and anticipate a tremendous 2016. Given the improving economic environment, Jamaica will surely capture the attention of American tourists seeking the beauty and culture that the English Caribbean has to offer.” said Alex Zozaya, president and CEO of AMResorts.
“GFG was able to leverage its expertise and network to allow Seawind Key to refinance in the Caribbean during a tight credit market,” said Eduardo Gruener, Partner at GFG Securities. “Our competitive and thorough process has allowed Seawind to finance a larger commitment than their original loan at much better terms.”
DunnCox served as the legal advisor to Seawind Key Investments Limited on the transaction.
About GFG Securities, LLC
GFG Securities, LLC (a member of Financial Industry Regulatory Authority “FINRA”), is a boutique financial firm that assists privately owned businesses with domestic and international investment banking services including equity and debt capital raising, mergers & acquisitions, and strategic advisory services. Headquartered in Miami, FL with a satellite office in San Diego, CA, the GFG Securities team has a proven track record, with ample contacts and relationships throughout the region, allowing them to effectively execute local and cross border transactions with the client intimacy of a boutique. The firm focuses on U.S., Canadian, and Latin American family-owned companies, with average transaction values ranging US$50 million to US$500 million. Visit www.gfgsecurities.com for company information.
