Posadas prepares a loan of 450 million pesos

Grupo Posadas, Mexico’s largest hotel operator, announced that it had prepaid its loan contracted in March 2021 for 450 million pesos, as part of its strategy to cut expenses and costs.

Posadas added in a statement that the payment would allow the company to release guarantees on the Fiesta Americana Reforma and Fiesta Americana Guadalajara hotels deposited in a fund created for this purpose.

“The company reiterates its commitment to maintain its strategy of cost savings and optimization of its operations, to continue to provide quality services to its guests in all of its hotels,” Posadas said in the statement.

Along the same lines, the hotel chain recently sold its 12.5% ​​stake in the investment fund for a development project in Riviera Maya, to restructure its hotel portfolio and focus its efforts on higher value operations.

These operations occur in the middle of the process that Posadas is following to take advantage of the protections provided in Chapter 11 of the United States Bankruptcy Code to conduct a financial restructuring, after the impact that the COVID-19 pandemic has had on his business.