Belfonti makes $230m beach buy.Belfonti Capital Partners announced the acquisition of the Aruba Resort, Spa & Casino, formerly known as the Wyndham Resort , a 478-key luxury resort located in Palm Beach, Aruba Palm Beach, Aruba is a city northwest of Oranjestad. in an off-market transaction valued at $230 million. Acquisition and renovation financing was provided by Wachovia Bank. The Aruba Resort, Spa & Casino is the largest hotel in Aruba and boasts the island's largest convention and banquet A banquet is a large public meal or feast, complete with main courses and desserts. It usually serves a purpose, such as a charitable gathering, a ceremony, or a celebration. Sometimes a banquet consists of only desserts, but it is advisable to include main courses as well. spaces. The hotel also boasts the world-famous 12,000 square-foot Casablanca Casino, one of the Caribbean's premier gaming destinations. Based in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , Belfonti Capital Partners is a venture capital firm focused on acquiring real estate development and investment opportunities throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and internationally. The principals of Belfonti Capital Partners, Michael Belfonti and Adam Hochfelder, have over 40 years of combined real estate development and investment experience and have collectively completed billions of dollars in real estate transactions, including most recently 485 Fifth Avenue in Manhattan. The seller was Aruba Hotel Enterprises, NV. Carlton Advisory Services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal , Inc. and Credit Suisse The Credit Suisse Group (SWX:CSGN, NYSE: CS) is a financial services company, headquartered in Zürich, Switzerland. It is the second-largest Swiss bank, behind UBS AG. First Boston's Hospitality Group acted as financial advisors to Belfonti Capital Partners in this transaction. The new owners plan a capital improvement campaign to further enhance the property's already stellar reputation, and will subsequently announce a reflagging of the property. "We believe in the very strong economy and tourism trade in Aruba," said Belfonti, chairman of Belfonti Capital Partners. |
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