Transat Sells Land Property In Mexico To Finest Resorts For $50 Million

by Bruce Parkinson
Last updated: 5:05 AM ET, Tue July 11, 2023

Transat A.T. Inc. has entered into a sale and purchase agreement for its land property located in Puerto Morelos, Mexico, for $50.45 million to Finest Resorts, a luxury resort group that is part of The Excellence Collection.

Finest Resorts owns and operates Finest Playa Mujeres, in Cancun, Mexico, and Finest Punta Cana, in Dominican Republic. 

The closing of the transaction is expected to occur in Transat's fourth quarter. 

Proceeds of the sale will be used to immediately repay a portion of Transat's debt. 

The company says the divestiture of the land is aligned with its strategic plan to refocus on its airline activities. The land was purchased in 2018 as part of the development of a hotel subsidiary, but Transat discontinued that project in 2021.

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