Ithaca Capital Acquires the W Hotel Bogota

Main Photo: The Reception at the W Hotel Bogota

Date: January 2020

Location: Santa Barbara business district, Bogata, Colombia

Name: W Hotel Bogota

No. of Keys: 168, including 33 suites

Seller: Decameron Hotels, major player with some 40 hotels in the area, from Haiti and Jamaica to Ecuador and Peru. Argentine Lucio Garcia started Decameron in 1987, which was acquired by Terranum Hotels in 2014, who opened the W Hotel in that same year. Fabio Villegas has been President of Decameron for the past few years.

Buyer: Ithaca Capital completed the acquisition of the W Hotel Bogota from a subsidiary of Decameron Hotels, this week. The property is located in the heart of Santa Barbara business district, the fastest growing corporate area of Bogota, and walking distance from the colonial entertainment and high-end gastronomy district of Usaquén.

The Hotel, which opened in 2015, features three F&B outlets (Market Kitchen Restaurant, BBC Cerveceria and W Lounge), a world class Spa, fitness centre, swimming pool and over 785 square meters (8,450 square feet) of flexible meeting space.

Designed by NYC-based Studio Gaia and inspired by the glamorous legend of El Dorado (city of gold), the hotel’s refreshing and contemporary architectural concept with Bogota’s skyline and the Andes mountains in the background, make it a truly unique property and a regional landmark. Food and Beverage was conceptualised by Michelin-star chef Jean-Georges Vongerichten and Culinary Concepts, whilst recently the hotel has added BBC Cerveceria, the biggest micro-brewery in Colombia, to its multiple entertainment options.

The Hotel marks the fifth Marriott-branded and managed property in Ithaca Capital’s portfolio in the Caribbean and Latin America, making the investment company the single largest owner of Marriott-managed properties in the region.

Orestes Fintiklis, founder and managing partner of Ithaca Capital, said “We are thrilled to be acquiring such a spectacular property and entering the Bogota hotel market with its resilient demand, limited supply of luxury hotels and high barriers to entry. We are excited to be partnering with Marriott in yet another unique hotel in Latin America.”

Scotiabank Colpatria provided debt financing to the transaction. Dentons Cardenas & Cardenas represented the buyer and DLA Piper Martinez Beltran the seller.

THPT Comment: Fab progress for Ithaca Capital, with their fifth Marriott Hotel…more to come?

First Seen: Ithaca website

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