Sun Resorts signs deal with Apavou Hotels Resorts & Spa for the lease of Ambre hotel in Belle Mare
Date: 2011-10-20 07:11:34Sun Resorts has just signed the lease agreement with Apavou Hotels Resorts & Spa for the lease of Ambre Resort & Spa.
Ambre Resort & Spa is a 298-room, 4-star hotel, located on one of the most beautiful beaches of Mauritius, in Belle Mare. This operation will enable Sun Resorts to consolidate its position in the very competitive four-star segment. Ambre hotel offers numerous assets which will create immediate value to Sun Resorts.
In line with its development strategy, the Board of Sun Resorts Limited had already informed its shareholders that a Memorandum of Understanding had been signed with Apavou Hotels Resorts & Spa in May 2011. The due diligence exercise conducted by all parties involved having been finalised, and relevant approvals obtained, the transaction has been signed on Monday 17 October 2011 between Sun Resorts and Apavou Hotels Resorts & Spa.
“We are happy of having been able to sign this agreement and to count on such a resort located on a prime site and having been known for over 20 years in the industry. We will engage in renovation and upgrading works to offer a new hotel to guests, with an opening planned for October 2012,”says Fabio Piccirillo, Chief Executive Officer of Sun Resorts.
This deal enables Sun Resorts to operate, commercialise and manage the hotel under the “Ambre” name as part of the Sun Resorts Limited portfolio of hotels, effective as from 1st October 2012. The lease agreement stands for an initial period of five years, with options to renew for a further fifteen years. Meanwhile, Sun Resorts will start renovation and upgrading works at Ambre hotel. Until 1st October 2012, Sun Resorts will benefit from a rent free period. Around 600 jobs are expected to be created at Ambre hotel.
“Sun Resorts is an experienced hotel group which can count on its operational expertise and its network of trade partners throughout the world to maximise all opportunities offered by Ambre hotel. This hotel will add to the offer of Sun Resorts in that particular segment which is quite demanded right now,” adds Arnaud Martin, Chief Marketing Officer of Sun Resorts.
Renovation works should start in January 2012 and last until September 2012. A minimum investment of 10 million Euros (Euros 10 M) will be made to that effect. Architects, interior decorators and builders will be selected to execute all planned works. The following has already been earmarked: upgrading of public areas, complete renovation of rooms, new main pool, upgrading of technical areas (‘back of the house’).
