Enjoy bought 55% of Uruguay's Conrad for US$ 189 million

The Enjoy group informed the Superintendency of Securities and Insurance of Chile that it issued and placed bonds for US$ 300 million, maturing in May 2022, at an initial interest rate of 10.5% and that the funds obtained will be used to finance the purchase price of 55% "of the shares issued by Baluma SA" (the company that owns Conrad), among others.

Initially, Enjoy wanted to add a partner to finance the purchase and had the international fund Advent to do so, but the operation was truncated, as the country earlier announced.

In May 2013, Enjoy had completed the process of acquiring 45% of the company that owns Conrad for US$ 139.52 million and had the option to buy the remaining 55%, which has now materialized.

On the other hand, the Chilean firm is in the process of expanding the Punta del Este’s complex planning to invest US$ 220 million. The project consists of building three 22-story towers on the same property at Claudio Williman's rambla in Punta del Este and was announced at the end of 2015.

Enjoy Conrad's general manager, Juan Eduardo García, said at that time that the investment project will allow a four-fold increase in hotel capacity and a significant increase in service infrastructure. In numbers: the three towers total 91,000 square meters, which will add another 900 rooms to the 294 available today. Garcia had said that the proposal also includes increasing the area allocated to gaming by 670 square meters.

Source: GMB / Diario El País (Uruguay)