Sun Resorts signed a lease agreement with Apavou Hotels Resorts & Spa for Ambre Resort & Spa on October 17. Ambre Resort is a 298-room, four-star hotel located at Belle Mare. This deal will enable Sun Resorts to consolidate its position in the very competitive four-star segment. Ambre hotel offers numerous assets that will create [...]

Sun Resorts signed a lease agreement with Apavou Hotels Resorts & Spa for Ambre Resort & Spa on October 17. Ambre Resort is a 298-room, four-star hotel located at Belle Mare.

This deal will enable Sun Resorts to consolidate its position in the very competitive four-star segment.

Ambre hotel offers numerous assets that will create immediate value for Sun Resorts. In line with its development strategy, the board of Sun Resorts Limited had already informed its shareholders that a memorandum of understanding had been signed with Apavou Hotels Resorts & Spa in May this year.“We have been known in the industry for over 20 years and are happy to have signed this agreement.We are glad we can now count this resort located at a prime site. We will engage in renovation work to offer the guests a new hotel. The opening is planned for October 2012,” said chief executive officer of Sun Resorts, Fabio Piccirillo.

The lease agreement stands for an initial period of five years, with options to renew for a further 15 years. Meanwhile, Sun Resorts will start renovation work at Ambre hotel.

Till October 1, 2012 Sun Resorts will benefit from a rent-free period. Around 600 jobs are expected to be created at Ambre. Renovation should start in January 2012 and last until September 2012.

A minimum investment of 10 million euros will be made to that effect.

Chief marketing officer of Sun Resorts, Arnaud Martin added, “Sun Resorts is an experienced group that can count on its operational expertise and its network of trade partners throughout the world to maximise opportunities offered by Ambre hotel. This hotel will add to the offer of Sun Resorts in that particular segment.”