NHG in refinancing of Murano’s Grand Island Cancún

Nader Hayaux & Goebel has advised Grupo Murano, through its subsidiaries and trusts, on the successful refinancing of its Grand Island Cancun hotel project.

The transaction consisted of the issuance of USD 300 million Senior Secured Notes due 2031 under Rule 144A and Regulation S of the US Securities Act.

The transaction included features of both a secured financing and a securitisation of hotel-related receivables. The notes are secured by the cash flows from a hotel management contract for the Grand Island Cancun project, and secured by a security interest in the real estate, assets and other related rights.

Murano PV, a subholding company of Murano, together with Operadora Hotelera G.I. and two additional project trusts governed by Mexican law, provided security for the notes. Murano Global Investments PLC also acted as sponsor of the Notes under a Sponsor Support and Indemnity Agreement.

The proceeds of the offering were used to prepay existing construction and development debt, fund a debt service reserve, provide working capital and cover remaining project completion costs. In addition, the net proceeds will be used for eligible projects under Murano’s green bonds.

This bond issue represents Murano’s first debt transaction in the international markets.

The Grand Island Cancun project is a large 3,000-room, five-star resort located on Cancun’s Nichupte Lagoon.

Murano is a global development group specialising in the structuring, development and management of industrial, residential, corporate and hotel projects throughout Mexico.

NHG’s team was led by partners Michell Nader (pictured left), Julián Garza (pictured centre) and Alejandro Rojas (pictured right), with support from partners Alejandro Mendiola, Adalberto Valadez and Marcela Animas, along with associates Fernando Castillo V., Rose M. Harfush M., Diana Torres, Diego Hagemann, Patricio Rodriguez, Sandra Portillo and David Arguedas.