Santamarina y Steta has advised Mullen Real Estate Holdings, on the sale of its equity interests in the Now Sapphire Riviera Cancun Hotel. The deal closed on July 20th.
The Santamarina team, led by partner Aarón Levet and associate Isaac Zatarain, carried out the drafting and negotiation of the stock purchase agreement, the termination and negotiation of new hotel management, as well as other related agreements and coordinated with buyer’s legal advisor the legal due diligence review of the property.
The transaction constitutes a divestiture from a foreign investor; nevertheless the hotel will continue to be run by one of the biggest hotel managers in Mexico and the Caribbean, a sign that confidence in the hospitality sector remains high.
Galicia Abogados served as legal counsel to the buyer.