The partners had recently completed a two-year, $55-million rehab effort to transform the property into a four-star casino resort. As part of the renovation, Colonial West Indian furnishings and other Caribbean touches were added to the property.
The investment in the resort is part of Radisson's growth strategy in the Americas, says Jay Witzel, president and chief executive officer of Carlson Hotels Worldwide. Radisson is looking to make investments in other full-service hotels and resorts in the top 25 or so Caribbean markets.
The deal brings Carlson's total investment in the Aruba property to $75 million over the past five years. Radisson Aruba has 358 guest rooms, a 16,000-sf casino, more than 15,000 sf of meeting space and other amenities, including four restaurants and a fitness center.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
