AFI Popular and AFP Popular invest in Meliá Hotels in the Dominican Republic

Santo Domingo.- The Popular Investment Fund Manager (AFI Popular), a subsidiary of Grupo Popular, announced that its Popular Closed Development Fund, with support from AFP Popular, acquired a 25% stake in the companies owning the Paradisus Palma Real Golf & Spa and ZEL by Meliá hotels in the Dominican Republic. This acquisition was made through the subscription of ordinary shares in subsidiaries controlled by Meliá Hotels International. The investment, made using funds from professional investors, including the pension fund managed by AFP Popular, marks a significant entry of the Popular Closed Fund into the tourism sector.

The fund, operational since 2019 and regulated by the Superintendency of the Securities Market, also invests in other key sectors such as energy, construction materials, automotive, and logistics. With the 25% shareholding, contributors to the fund will benefit from the profits generated by the Paradisus Palma Real Golf & Spa, a 596-room hotel, and the ZEL Punta Cana, a 190-room luxury hotel co-branded by Meliá and tennis star Rafael Nadal. Both hotels target premium and luxury segments.

The acquisition was praised by executives from both Meliá Hotels International and Grupo Popular subsidiaries, who emphasized the strategic importance of the partnership. Meliá’s CEO, Gabriel Escarrer Jaume, expressed gratitude for the trust placed by Grupo Popular, highlighting the synergy between the two companies. The executives underscored that the investment not only strengthens the tourism sector but also aligns with sustainable practices, benefiting local communities and the Dominican economy. This partnership marks a significant step in the collaboration between the investment and tourism industries, contributing to the country’s economic growth and development.

Source: RC Noticias