Oranjestad – KL International took over the property of La Cabana Villas this afternoon at an unceremonious deed signing in the office of Notary Jarzagaray.
KL International paid for the purchase and will now be allowed to develop the assets which once belonged to Playa Blanca NV, a company declared bankrupt a few years ago. Pictured here, looking pleased, the trustees who for the past few years conducted a worldwide search of an appropriate international buyer.
The much-anticipated mega deal with KL International, a closely held resort and casino development company in the lead, finally became a reality.
After a lengthy process, KL International won the auction to acquire substantially all the outstanding assets of Playa Blanca NV, the owner of La Cabana Villas, Timeshare Resort and the Royal Cabana Casino complex located on Eagle Beach.
While Fred Gillmann, CEO of the Gillmann Group, the developer who masterminded the deal was not present, the company was nevertheless represented by resort Managing Director Hans Vink & and resort Controller Hans Minnaar.
On his previous visit on the island, Gillmann has already committed major capital improvements for the project, and pledged to make it one of the best timeshare and gaming properties on the island.
La Cabana Villas includes a 362-room timeshare and resort hotel consisting of two five story buildings and two four story buildings, a 48,000 square foot permanent casino building complex, known as Royal Cabana Casino, a restaurant, currently operating as a temporary casino under the name Key Largo Casino and recreational amenities.
Royal Cabana Casino complex is not operating at the moment as it is awaiting renovations.
Pictured here the Villas Managing Director Hans Vink, Controller Hans Minnaar, Notary Ralph Jarzagaray and Attorney Johan v/d Kuyp, as well as the bankruptcy trustees. .
