The activities of CEIBA are comprised of two principal operating segments: Commercial and Tourism real estate investments.
The Miramar Trade Center
The largest real estate holding of the Company is its 49% interest in Inmobiliaria Monte Barreto S.A. (“Monte Barreto”), the Cuban joint venture company that owns and operates the Miramar Trade Center, a six-building mixed-use commercial real estate complex comprising approximately 56,000 square metres of net rentable area that constitutes the core of the new Miramar business district in Havana.
The Hotels of Miramar
Through its indirect ownership of a 65% interest in HOMASI S.A. (“HOMASI”), which in turns has a 50% interest in Miramar S.A.(“Miramar”), the Group has a 32.5% interest in the following hotels (collectively “the Hotels”):
- the Meliã Habana Hotel, a 397-room international-category 5-star business hotel located on prime ocean-front property in Havana (directly opposite the Miramar Trade Center);
- the Meliã Las Américas Hotel, a 340-room international-category 5-star beach resort hotel located in Varadero;
- the Meliã Varadero Hotel, a 490-room international-category 5-star beach resort hotel located in Varadero; and
- the Sol Palmeras Hotel, a 607-room international-category 4-star beach resort hotel located in Varadero.
The Hotels are operated by Meliã Hotels International S.A. (“Meliã Hotels International”), which also has a 35% equity interest in HOMASI (which translates to a 17.5% interest in Miramar).
The TosCuba Project
CEIBA’s other hotel interest is in the Cuban joint venture company TosCuba S.A. (“TosCuba”), which is very close to ﬁnalising the construction of the 401 room Meliã Trinidad Península Hotel. This hotel is situated on the south coast of Cuba close to the historic city of Trinidad, a UNESCO world heritage site. It is the ﬁrst modern five star luxury beach resort hotel in the area. Despite the challenging backdrop, the hotel construction has proceeded very well over the last year and the hotel is nearing completion, expected to take place during the next few months.
GBM Interinvest Technologies Mariel S.L.
The Company holds a 50% interest in GBM Interinvest Technologies Mariel S.L., a Spanish company that is developing a new multi-phase industrial park real estate project in the Special Development Zone of Mariel, Cuba. Groundworks on the 11.3-hectare site for the construction of the ﬁrst four warehouses of the project were completed in June 2021.