Cleary Gottlieb represented Goldman, Sachs & Co. in a refinancing of debt secured by the One&Only Palmilla resort in Mexico. The deal closed on April 3.
The One&Only Palmilla is a 250-acre luxury oceanfront resort located in a master-planned community in Los Cabos, Mexico. It includes a golf course designed by Jack Nicklaus. The One&Only Palmilla was listed as the number one resort in Mexico by Condé Nast Traveler’s 2007 Annual Readers’ Choice Awards.
The resort is owned by joint venture partners Kerzner International Holdings Limited, a developer and operator of destination resorts, casinos and luxury hotels, including the Atlantis and One&Only brands, and Nakheel Hotels, a private investment company investing on behalf of the government of Dubai. Nakheel’s acquisition of its 50% stake in the resort from real estate opportunity funds affiliated with Goldman Sachs’ Whitehall Street Real Estate Funds closed simultaneously with the debt refinancing.
