Jul 10, 2023
Transat AT signs deal to sell property in Mexico to Finest Resorts for US$38 million
BNN Bloomberg
We’re seeing very strong demand for international leisure travel: Transat’s CFO Patrick Bui
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Transat AT Inc. says it has sold a piece of land in Mexico to resort company Finest Resorts for US$38 million.
The travel company says the sale is part of its plan to focus on its airline business as it tries to return to profitability after more than two years of losses.
Transat noted it announced in 2018 that it bought the land as part of the development of a hotel subsidiary which it discontinued in 2021.
It says proceeds of the sale of the property in Puerto Morelos will be used to repay debt, which totalled $1.92 billion at the end of its second quarter on April 30.
Finest Resorts owns and operates Finest Playa Mujeres in Cancun, Mexico, and Finest Punta Cana, in the Dominican Republic.
The sale is expected to close in Transat's fourth quarter.
This report by The Canadian Press was first published July 10, 2023.
