A good start to 2024. Update from the Manager

Meliá Trinidad Península during sunset
Meliá Trinidad Península during sunset

On 14 January 2024, the City of Trinidad, Cuba, commemorated the 510th anniversary of its foundation. As part of the official celebrations of the day, the Meliá Trinidad Península Hotel was officially opened by Cuba’s Prime Minister Manuel Marrero, the Minister of Tourism Juan Carlos Garcia and Gabriel Escarrer, President of Meliá Hotels International S.A. (“Meliá”). The hotel is a 401-room international 5-star beach resort hotel located on prime beachfront property within easy reach of the City, as well as of and the natural beauty of the Valle de los Ingenios and the Escambray mountain range.

The hotel features numerous swim-up pools, smart technology, 14 restaurants and bars and a YHI Spa. A substantial portion of the energy consumed by the hotel is generated on-site and stored through extensive combined solar panel and battery pack installations and is already being praised as one Cuba’s best hotels. The total investment made by the Cuban joint venture company TosCuba S.A. (“TosCuba”) was approximately $79 million, of which $72 million was in construction cost. TosCuba received more than US$11 million in grants under the Spanish Cuban Debt Conversion Programme.

CEIBA Investments Limited (“CEIBA” or the “Company”) has been the principal investor, lender and driving force behind this development and with the startup of operations CEIBA’s investment commitment has been concluded. Debt service under the construction facility is scheduled to begin in the second quarter of 2024. CEIBA has an interest of US$5.2 million (32.5%) in the share capital of TosCuba and a debt participation of US$41 million under the US$51.5 million construction facility.

The accompanying video was produced by our strategic partner, Meliá Hotels International S.A., to highlight the development and opening of the hotel.

The Company is very grateful for the tremendous collaborative efforts made by Jesús Hernández (President of TosCuba) and his team at the joint venture company, CEIBA’s team members in Havana and Madrid, Meliá, and the numerous national and international suppliers who made it possible to complete this ambitious project during and immediately following the great disruption caused by the Covid-19 pandemic. We are proud of this property and happy to begin welcoming visitors to this fascinating part of the island.

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