South American casino giant, Sun Dreams SA, has reportedly signed a deal that will see it pay a minimum of $24.8 million in order to acquire Argentine operator, Nuevo Plaza Hotel Mendoza SA, along with the firm’s Park Hyatt Mendoza property.
According to a Wednesday report from G3Newswire, the transaction is expected to close later this month and could see its final price tag rise to as high as $27.8 million depending on the 2018 operating results of the grand Park Hyatt Mendoza.
Sun Dreams SA, which was established in 2015 following a deal between South African hotel and casino operator Sun International and South American counterpart Dreams, is reportedly already responsible for properties in Peru, Chile, Panama and Colombia. Its purchase of Nuevo Plaza Hotel Mendoza SA is part of an ongoing international expansion plan and will mark the Santiago-based firm’s first foray into the Argentine market.
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“The objective of the company is to position itself in a scenario that has broad concessions and adequate regulation at the provincial level and transparency in the industry, which allows us to project ourselves in the long term with very good prospects,” reportedly read a statement from Jaime Wilhelm, Chief Executive Officer for Sun Dreams SA. “Sun Dreams SA is proud to have this luxury format, [which is] the highest level of the Hyatt chain worldwide.”
G3Newswire reported that the 186-room Park Hyatt Mendoza features a casino complete with some 648 slots alongside around 19 gaming tables. The imposing venue is located near the center of the western city of Mendoza and holds a renewable gaming license that is not due to expire until 2033.