We would like to share some news about The Royal Islander®. The Royal Islander membership agreement terminated on July 15, 2023, and the final day of resort operations was July 16, 2023. Under the terms of the membership agreement, The Royal Islander was put up for sale by the new ownership in a process led by CBRE. We can now report that the resort has been sold to Alojica, an international investment group which presented the highest bid for the property in the marketed sales process.
Due to the nature of the transaction, an in-country review and approval was required and was undertaken by COFECE, a Mexican Government agency. Such reviews can take a few weeks or several months. At this stage, a response from COFECE is expected within the next 4-8 weeks, although this is not guaranteed.
Residual rights will be paid to Members of The Royal Islander in good standing, who have residual rights stipulated in their Membership Agreement, and in accordance with the terms of the Membership Agreement. Those eligible for residual rights will receive additional information and the timeline for the distribution process in the next few weeks.