Barcelo to acquire Occidental Hotels & Resorts

Barcelo is set to acquire a 57.5 per cent stake in Occidental Hotels Management, an agreement which will see the company become sole owner of Occidental's luxury resorts across Central America and the Caribbean.

According to a statement by Barcelo, the agreement is subject to approval by the Mexican government in a process which could take up to three months. Occidental’s portfolio of properties consists of 13 hotels representing 4,303 rooms across Mexico, the Dominican Republic, Costa Rica, Aruba, Colombia and Haiti.

In May, Barcelo acquired a 42.5 per cent stake in Occidental after several minor shareholders opted to sell their shares in the company.