WILLEMSTAD–The five groups of owners of Holiday Beach in Curaçao have reached an agreement on selling the hotel, casino and Denny’s restaurant to Silver Entertainment in the United States, which is part of The Andalex Group in New York.
There are no details on the selling price. This paper reported some time ago that the owners were thinking of more than 30 million dollars. Possibilities are that all of the above is sold for 75 million guilders. The sales process was financially directed by KPMG Corporate Finance, and legally by HBN Law, both established in Curaçao.
What the parties signed is a so-called share sale and purchase agreement; the real closing and delivery is expected to take place Holiday Beach still has the typical features of Holiday Inn, which is what the hotel was called in the early years.
Half of the 200 rooms are permanently occupied by employees of the American Forward Operating Location (FOL). The hotel has the option to expand towards the Rif on the location where there is currently a sports field in a few months.
The once Holiday Inn and current Holiday Beach was built in the second half of the sixties and this is the fi rst time that it is in foreign hands. Entertainment is a young company that was founded in March of this year. Its specialty is acquisition and development of casinos and resorts in Latin-America, the Caribbean and the US. They had also bought the Veneto Hotel & Casino in Panama-City earlier.
Parent company The Andalex Group is in existence since 1987 and focuses mainly on real estate in the US. Chief investment officer of Andalex is Andrew Silverman, and he is very happy with the take-over purchase of the hotel in Curaçao with 200 rooms.
Also Rodolfo “Rudy” Pizziolo is happy on behalf of the group of owners. He anticipates that with the transaction, the hotel will be raised to the next level, which is good for the personnel and tourism in Curaçao. The personnel were informed. Not much will change at first for them. The new owner and later the new operator will make high demands upon the quality of service though.
Also the 60+ employees will be given the opportunity to retire with a nice compensation on top of the severance pay they are legally entitled to. They will be replaced by younger employees. It was reported in August that the shareholders of Holiday Beach Hotel & Casino had received a fantastic offer. The process was going to take a month or two.
The Amigoe newspaper learned from reliable sources that since the hotel was put up for sale the owners have received dozens of offers, including one locally and one from the Netherlands. But none was as high and as interesting as that of Silver Entertainment from New York.
Holiday Beach has five groups of shareholders. Each group possesses 20 per cent of the shares. They are the heirs of the American Donohue, Jocobo “Cocochi” Prins, Rodolfo “Rudy” Pizziolo, the heirs of Wim Riko and the heirs of Frank Ruiz.
These shareholders have shared everything for 35 years. Prins (71) and Pizziolo (66) are both registered as supervisory board members of Curaçao Real Estate BV, the official name of Holiday Beach Hotel & Casino. Antillean Casino Corporation BV is statutory director, with Prins and Pizziolo as directors.
Bron: Daily Herald