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Goodman Borrows $402M for Foreign Hotel Portfolio

SEATTLE-The hospitality arm of the locally based Goodman family acquires three Fairmont-branded hotels, two in Acapulco and one in Bermuda, which will receive $70 million in upgrades.

By Brian K. Miller | Updated on October 09, 2007

(Read more on the debt and equity markets.)

SEATTLE-Goodman Hospitality Investments, the hotel arm of the locally based Goodman family, is busy renovating three Fairmont-branded international hotels it acquired last month. Two of the hotels are located in Acapulco, Mexico and the other is in Hamilton, Bermuda. The purchase price wasn’t immediately available, but Munich-based Hypo Real Estate Capital Corp. said Tuesday it provided $402 million in acquisition and repositioning loans in support of the investment.

The two Acapulco properties are the Fairmont Acapulco Princess and the Fairmont Pierre Marques, both located in the Diamante section of the Pacific coast city. The Fairmont Acapulco Princess is a 1,017-room luxury resort spread over 480 acres of beachfront property, with full resort amenities including a 14,000-sf spa, an 18-hole golf course and extensive meeting and convention facilities. The Pierre Marques is a boutique, full-service, luxury resort with 335 rooms located in villas, bungalows and low-rise buildings amidst tropical gardens and an 18-hole golf course.

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