Thunderbird closes Peru acquisition
27 July 2007
PERU -- (PRESS RELEASE) -- Thunderbird Resorts, Inc. (CNQ: BIRD.U and FSE: OSJ) is pleased to announce the closing of the acquisition of the Hoteles Las Americas chain of hotels in Lima, Peru. The Hoteles Las Americas hotel chain is one of the largest chains in Lima with 6 hotel properties representing an aggregate of 650 rooms.
Thunderbird is now operating this chain of hotels and congratulates the seller, Caja de Pensiones Military Policia, for its dedication and success in the operation of the hotels over the past several years.
On May 18, the Company announced the submittal of its winning bid of USD$43.5 million for the acquisition of the 6 hotel facilities free and clear of all liens or encumbrances against the facilities. The total funding for the acquisition (including closing costs and costs for refurbishment) is approximately USD$60 million. The Company formed a subsidiary ("Thunderbird Hoteles Las Americas S.A.") to borrow a portion of the funds from a senior lender secured by the hotel facilities. Other funding for the balance was provided by the Company's private investors who have funded the Company's projects over the past several years. This private source of funding will be subordinate to the senior loan.
Thunderbird Hoteles Las Americas S.A. plans to remodel and upgrade all 6 of the hotels with significant improvements in its facilities. Thunderbird is committed to also upgrade the technological systems of all the hotels, including telephone, internet, cable TV, security and other information technology systems. Thunderbird is currently evaluating the viability of placing casino operations in 4 of the 6 hotels. The Company believes one of the locations offers facilities and parking to develop the premiere entertainment and casino property in the city of Lima.
Thunderbird Resorts, Inc. is a leading international provider of branded casino entertainment through operating subsidiaries. Since its beginning in Guatemala in 1997, Thunderbird has grown through development of new properties, expansions and acquisitions. Thunderbird Resorts is focused on being the most successful recreational property developer and operator in each of our markets by creating genuine value for the community, our employees and shareholders. We achieve this mission by offering customers dynamic, themed and integrated resort venues anchored by casinos.
Additional information about the Company is available on its World Wide Web site at Thunderbirdresorts.com.
On behalf of the Board of Directors,
Jack R. Mitchell
President and CEO |
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