20 December 2019: Republic Bank has provided a US$34 million senior term loan as part of a US$80 million investment in the Royalton Grenada Resort and Spa located on two white-sand beaches in Tamarind Bay, Grenada.
The loan was arranged by the Investment Banking Division of the Republic Bank Group.
The Royalton Grenada is scheduled to commence operations in March 2020 offering guests the option to stay at any of its 212 luxury rooms or 49 Diamond Club luxury suites. The hotel will be managed and operated by Blue Diamond Resorts as part of a newly formed strategic alliance with Rex Resorts, the former owners and operators of The Grenadian Hotel. Blue Diamond Resorts, the hotel division of the Sunwing Travel Group, currently manages more than 16,000 rooms in 46 resorts located in 10 countries throughout the Caribbean and Mexico. The Sunwing Travel Group is North America’s largest vertically integrated travel company comprising, in addition to Blue Diamond, two leading tour operators, Canada’s premier leisure airline, a luxury private jet charter service, numerous travel retail businesses and a destination management company.
Stephen Hunter, CEO of Sunwing Travel Group, disclosed previously his plan to see the Royalton Grenada become one of the leading all-inclusive destinations in the world. “The hotel will reopen as the Royalton Grenada in March 2020. Royalton is the number one all-inclusive hotel in the world, so the number one all-inclusive hotel is coming to Grenada.”
Keith Johnson, Managing Director of Republic Bank Grenada, noted that Grenada is happy to welcome a brand of the calibre of Royalton Luxury Resorts to the Spice Island. “The Royalton brand has received various awards including being voted the Best All-Inclusive Resort in the Caribbean and the World. We are excited to welcome the Sunwing Travel Group to Grenada.”
Richard S Sammy, General Manager of the Corporate and Investment Banking Division, Republic Bank, noted that as a part of the Sunwing Travel Group, the Royalton Grenada will be able to realize synergies and scale that positively contribute to the occupancy levels and provide an inherent competitive advantage. “Sunwing can create value through differentiated products, capacity control, customer focus and direct distribution and cost control which is derived from the synergies achieved through their affiliated operations such as retail hotel operations, destination weddings, tours and excursions, commercial and charter airlines and destination management services.”
Sunwing Travel Group announced last year that Blue Diamond Resorts would begin operating 6 Rex Resorts across the Caribbean including in Antigua, Barbados, Grenada, Tobago and two properties in St Lucia. Sunwing expects to invest significant capital over the coming years in these jurisdictions to renovate and upgrade these properties to the brand standards of Blue Diamond Resorts.
Republic Bank
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Sunwing doesn’t exactly have a great reputation for customer service when there are problems with flights. They should NOT be getting any loans to invest in these resorts especially from the Government of Grenada. Grenada should NOT be making any concessions for investment on the island. If these projects are good investments then they should stand on their own.
Hold on! sunwing coming to borrow money from Republic Bank,we were told these are INVESTERS !where are their funds, added to all the concessions and tax breaks,what is in it for Grenadians a few low paid jobs who the share holders going to be? Canadians of course.