Sun Dreams buys Park Hyatt Mendoza

Chile-based Sun Dreams is set to enter the Argentinian market with the acquisition of Nuevo Plaza Hotel Mendoza SA, which owns and operates the Park Hyatt Mendoza hotel and casino.

“It’s hoped that the sale will be finalised by the end of July,” said Ecocuyo Leandro Livschitz, general manager of the Park Hyatt Mendoza. “While the ownership of the Park Hyatt Mendoza Hotel, Casino and Spa will change, the hotel will continue to operate under the Hyatt brand. It will be business as usual.”

The venue’s casino operates under a licence issued by the Province of Mendoza, which is valid until the 2033 and can be renewed until the year 2038. The property has approximately 186 rooms, 648 gaming machines and 19 gaming tables, in addition to a conference centre, and restaurants.

The total price of the operation amounts to $24.8m, which may increase to a maximum of $27.8m depending on the operating results for 2018.

“The company’s objective is to position itself in a scenario that benefits from broad concessions, with both adequate regulation at the provincial level and transparency in the wider industry, which will allow us to project very good prospects [for Sun Dreams] in the long-term,” said Sun Dreams’ CEO, Jaime Wilhelm.

The company operates seven casino resorts in Chile, two in Panama, four casinos in Peru, and a property in Colombia.