Bricapital has acquired interest in the first Hyatt Regency branded hotel in Colombia, in the coastal city of Cartagena. Bricapital is a subsidiary of Brilla Capital, the Miami-based real estate private equity firm with operations throughout the region. This transaction is part of a strategic partnership between the firm and Ospinas & Cia., a leading regional developer with more than 80 years of history in Colombia.
“This transaction represents a milestone for the growth of the hospitality sector in the country, and a solid anchor for our local Bricapital Private Equity Fund,” said David Brillembourg, President & CEO of Brilla Capital. “The Fund will continue to invest in hospitality assets in Colombia as part of our plans for regional growth in Latin America.”
The hotel, which will be managed by Hyatt Hotels & Resorts, will be part of a new mixed-use development project in Cartagena’s seaside Bocagrande district, one of the most high-end retail areas of the city and close to the Convention Center. The Hyatt Regency Cartagena will offer 261 rooms, including 28 suites, four floors for the Regency Club Lounge and 74 Hyatt Regency branded residential condominiums. It will feature two upscale restaurants, a cocktail lounge and bar, a 600 square meter ballroom, spa and fitness center, multi-level swimming pool, and a modern business center. In addition, the development also includes the Plaza Bocagrande shopping mall; a five-level structure with 13,000 square meters of high-end retail space, anchored by five VIP movie theaters as well as many national and international brands among its 91 stores.
"Having Bricapital join us as strategic partner for the first Hyatt Regency Hotel in Colombia confirms the will and fundamental purpose of Ospinas & Cia., which is to build long term relationships with investors, landowners and clients through iconic and profitable projects like the Plaza Bocagrande complex, which will include a hotel, residences and commercial areas, and will position us as leaders in the development of mixed-use projects in Colombia, always meeting the highest international standards," said Andrés Arango, President of Ospinas & Cia.
The Hyatt Regency Cartagena, expected to open in the second half of 2015, will be the first Hyatt Regency-branded hotel in Colombia and will seek to attract business and leisure travelers, as well as featuring retail, cultural and entertainment venues for both tourists and locals alike to complement Cartagena’s vibrant and historical scene.
“We are delighted that Bricapital, SAS has decided to invest in the Hyatt Regency Cartagena and we are hopeful to work with them on other hotel projects in Colombia and throughout the region,” said Pat McCudden, Senior Vice President Real Estate And Development – Latin America and Caribbean for Hyatt. “Colombia is an important market for Hyatt and we continue to work aggressively to expand our presence here. We look forward to providing both leisure and business travelers a great new hotel option when Hyatt Regency Cartagena opens.”
Bricapital is a Colombia-based private equity firm focused on the hotel and resort asset class within the country. Bricapital is a subsidiary of Brilla Capital, a real estate private equity firm headquartered in Miami with operations throughout the Caribbean and Latin America. The firm manages the Bricapital Private Equity Fund; this fund attracted capital from a number of Colombian institutional investors including Bancoldex (Foreign Trade Bank of Colombia) as well as other local pension funds and individuals.
For over 80 years, Ospinas & Cia. S.A. has been a leader in urban development in Colombia. The projects lead by Ospinas include urban, residential and commercial developments, hotels, offices, and metropolitan scale projects, among others. Colombia has attracted a lot of investment capital and this has allowed Ospinas to become the partner for international brands to open their doors for the first time in Colombia. Brands like Hyatt, which is opening its first luxury hotel in Cartagena together with Ospinas, as well as retail, food, and movie theater chains, and international brands like GAP, Forever 21, Victoria’s Secret and Pull&Bear, all have believed in the projects developed by Ospinas.