Decameron Group secures financing for subsidiaries in Colombia and other Latin American countries

Cuatrecasas has advised Banco Itaú Colombia S.A., Banco Davivienda S.A., Bancolombia S.A., Bancolombia S.A. (Sucursal Panamá), and Banco General S.A., on granting financing to Decameron Hotels and its subsidiaries, a group with hotel operations in Colombia, Ecuador, El Salvador, Jamaica, Mexico, Panama, and Peru.

The multijurisdictional transaction is key for Decameron Hotels in the framework of refinancing its current loan, and also for other corporate purposes that have a positive impact on the hotel and travel industry in Colombia and the region.

The financing includes a tranche in dollars under New York law and a tranche in pesos under Colombian law, secured in jurisdictions such as Barbados, Ecuador, Salvador, and Panama. Banco Davivienda S.A., Bancolombia S.A., Bancolombia S.A. (Sucursal Panamá), and Banco General S.A also participate as creditors in this transaction.

Lead counsel Juan Carlos Puentes, from the Bogotá office, said, “We would like to congratulate our clients Banco General, Bancolombia, Davivienda, and Itaú, as well as Decameron Hotels, on the success of this significant financing transaction. This achievement not only reflects the trust of banks and investors in the hotel sector, but also the resilience and adaptability of an industry that has resolutely faced the challenges posed by the pandemic. Congratulations to everyone involved in this great achievement.” Puentes led an advisory team made up of Catalina Herrera, Valentina Aldana, Ana Katrín García, Verónica Hernández and Isabel Nieuwenhuys (Finance).

Puentes added, “In recent years, the hotel and travel industry has shown its strength and ability to overcome adversity, achieving successful results and preparing for a promising future. We are convinced that this transaction is a further step toward consolidating a sector that continues to make serious progress and that will undoubtedly continue to produce very positive results.”