Chile Hotel Chain Eyes Acquisition

Chilean hotel and casino operator Enjoy says it has agreed to acquire a 70% stake in peer Salguero Hotels for $130m. A spokeswoman declines to state how the company plans to finance the acquisition or if there were any financial advisors involved. According to company information, in July Enjoy did a capital increase of CLP23bn ($42m). In September, it got a loan from Banco Security for UF550,000 ($21m). Enjoy says the acquisition is subject to due diligence. It adds that Salguero, which operates a casino with 200 slot machines and 13 game tables, will open a hotel by the end of this year. Salguero’s expansion plan calls for developing a casino with 1,200 slot machines, 40 game tables, 200 bingo positions, a 5-star hotel with 120 rooms and a convention center.