Grand Caribbean Marinas acquires Villa Marina in Puerto Rico
The following is a copy of an article published on Yahoo Finance on May 20, 2021. The full article can be found here
SAN JUAN, Puerto Rico, May 20, 2021 (GLOBE NEWSWIRE) — With this purchase, Grand Caribbean Marinas, part of the Bacalia Group, will control more than 2,200 slips (wet slips and dry storage) and consolidates its position among the five top marina Owners and Operators with the most slips in the United States.
The president and founder of Bacalia Group, the Italian businessman Giuseppe Cicatelli, comments that this operation is of great importance for the holding, because “We have been operating for several years with the Group in Puerto Rico and we have always believed that it would be natural to continue within our strategy expansion as a regional consolidator. As a result of acquiring and consolidating new assets at the State level, we have achieved importance at the US federal level in an industry that we consider very promising, which is the nautical industry.”
Villa Marina, now renamed Renaissance Villa Marina and located about 40 minutes from the capital of Puerto Rico, has the only covered Dry Stack on the island, which will be completely remodeled.
Jorge Rodriguez, CFO of Grand Caribbean Marinas, adds that “The acquisition of Villa Marina is very representative of our expansion strategy. It is one of the best marinas in Puerto Rico and the Caribbean and we have incorporated an investment plan to improve it substantially.”
The strong commitment of Grand Caribbean Marinas, which plans to take the investment from $ 50 to $ 100 million in the next 5 years, seeks to diversify the offer in Puerto Rico, implementing a series of experiences that enrich the tourism and recreational development of the Caribbean state.