Transat announced yesterday (Aug. 31) the completion of the sale of its land in Puerto Morelos, Mexico.
The property was sold for US$38 million to Finest Resorts, a luxury resort group that is part of the Excellence Collection and owns and operates Finest Playa Mujeres, in Cancun, Mexico, and Finest Punta Cana, in Dominican Republic.
Initially announced on July 10, the transaction is part of Transat’s plan to focus on its airline activities.
The company had announced the purchase of the land in 2018 as part of the development of a hotel subsidiary, but its activities were discontinued in 2021.
Proceeds from the sale will be used to repay a portion of Transat’s debt.