Cachet Hospitality Group Announces Closing Of Construction Loan To Build Cachet Corazon’s Deluxe Tower In Cabo San Lucas, Mexico
The Cachet Deluxe hotel tower to complete the dual-branded Cachet Corazon development, becoming a fully integrated lifestyle resort destination in Cabo and the region
LOS ANGELES, April 28, 2017
Cachet Hospitality Group (CHG), together with the owner and development partnership led by Cabo Villas Group and Spa (CVBR), announced today the closing of their construction loan from Sabadell Bank as lead agent for construction of a 204-room Cachet Deluxe Tower in Los Cabos, Mexico. The loan closing will allow the project to begin demolition of the existing Cabo Villas building and start vertical construction of the Deluxe tower. Set to debut in Q1 2019, the hotel will complete the dual-branded Cachet Corazon resort project in Los Cabos, Mexico.
"The Cachet Corazon resort is a significant development for Sabadell, Cabo, and the whole tourism industry in Mexico, a game-changer project combining a sophisticated hotel business model and meticulous know-how of luxury hospitality management," said Manuel Muñoz, Real Estate Structure Finance Sabadell. "On behalf of Sabadell and our entire bank group, we are proud to partner with Cabo Villas Group and Cachet on this exciting project and look forward to seeing their success. With the financing of projects like this one, we continue to consolidate a steady and solid growth of our operation in Mexico."
With stunning panoramic views of the Sea of Cortez, Cachet Corazon is located on the famous Medano Beach, within walking distance to the Cabo San Lucas Marina, the Puerto Paraiso Mall, and multiple nightlife and entertainment venues downtown.
"We are extremely excited that the financing for the project has closed and demolition and vertical construction are underway," said Christopher Erickson, developer of CVBR. "This is many years in the making and a true collaboration and team effort between our amazing staff, 'La Familia Cabo Villas', the local community and the Cachet Hospitality Group. We are very proud to deliver this iconic project to main beach Cabo as well as to our loyal member base."
Imagined by Cachet Interior Design and architect Rabago Architects & Consultants, Cachet Deluxe Hotel combines Mexico's rich history and culture with the modern spirit unique to Cachet Hotels. The bespoke hotel rooms represent an eclectic mix of local folk art, cultural patterns and bright colors, with a nod to the Baja's sea and beach life.
The new tower will include 204 guestrooms and suites and are configured in order to provide guests with an authentic and intimate beachfront resort experience. Guestrooms will feature state-of-the-art technology and entertainment as well as private terraces, some of which will include outdoor Jacuzzis.
Cachet Deluxe Corazon will be a social culinary haven, offering unparalleled East Meets West experiences in Cabo ranging from fast casual to fine dining. From the West, CHG's Mediterranean-inspired all-day dining Laris Kitchen and Bar and Stonehaus Bar will tantalize guests with seafood, cocktails and extensive wine lists.
From the East, CHG will bring Philipe by Philipe Chow, the luxurious, award-winning Chinese fine dining experience, to the Deluxe Tower. Recognized by Zagat as the "Best Chinese," Philipe by Philipe Chow's take on Beijing-style cuisine reinvents Asian fine dining and will delight guests and locals alike.
CHG will also bring Wahlburgers, the better burger restaurant brand founded by Chef Paul Wahlberg and celebrity brothers Mark and Donnie Wahlberg to Cachet Corazon.
A true fully integrated resort experience, Cachet Corazon will be a social and events destination, complete with over 20,000 square feet of indoor and outdoor meeting and event facilities, ideal for group events and weddings of all sizes.
"We are very honored to partner with leaders who have decades of knowledge in this market," said Meredith Gelacak, President of Operations - Americas, CACHET Hospitality Group. "As lifestyle travel continues to thrive, CACHET Corazon will serve the distinctive needs of this market through curated world class entertainment, content and social experiences."
Cachet Deluxe tower will complete the dual-branded Cachet Corazon resort development project and will join the already-operating Cachet Beach Hotel, Cachet Beach club and ALETA restaurant. Christopher Erickson, developer of CVBR, reflected on the finished stages of the development: "We are pleased to note that entire beachfront phase of the property has already been totally remodeled. The Cachet team has worked closely with us so this area will remain open for occupancy and drive revenue and momentum during construction. Combined with a new lobby and sense of arrival, fully remodeled pool area, brand new beach club and beach restaurant, we are giving everyone a 'taste' of what is to come."
Since opening in January of this year, Cachet Beach Hotel has redefined beach chic for the modern traveler, boasting 77 swank guestrooms, three breezy wet areas, and a revitalizing spa. Nestled right on Medano Beach, The Cachet Beach club is a temple for the laid-back lifestyle by day and a hot nightlife oasis by night. With a striking view of beautiful Medano Beach and the Sea of Cortez, ALETA Seafood Bar & Grill is the perfect spot for relaxing and savoring the flavors of Cabo.
Featuring an open kitchen and the feel of a seafood market, ALETA offers fresh seafood caught daily by local fishermen. Diners choose their fresh catch and select how they want it prepared: fire grilled, steamed or fried. For starters, the sushi and raw bar serves up a delicious array of made-to-order sashimi, rolls, oysters, local clams, ceviches and other seafood delicacies. ALETA also boasts a wood-burning Josper oven, which creates unique, rustic flavor profiles. The restaurant's award-winning chef has created a menu that highlights all that Cabo has to offer, showcasing local products and traditional Mexican flavors in simply-prepared dishes sure to please everyone.
Cachet Corazon will be distributed on Cachet World, CHG's revolutionary technology platform, and participate in the platform's loyalty program. Cachet World is a lifestyle community that features a search and booking engine for boutique and lifestyle hotels and high-end residences worldwide. Through the platform, guests of Cachet Corazon will enjoy interactive mobility, exclusive member rates, and personalized food and beverage experiences.
Cachet Hospitality Group's global portfolio, including properties in the pipeline, extends across China, Thailand, Mexico and the United States. With an unprecedented opportunity for international growth, CHG is establishing itself as an international hospitality leader.
About Cachet Hospitality Group：
Cachet Hospitality Group (CHG) is a lifestyle hospitality branding and management company with offices in Los Angeles, Shanghai and Bangkok. CHG's mission is to be the leading innovative and socially responsible hospitality company in Asia Pacific and North America, with recent expansions into Cabo San Lucas and New York City. With numerous projects under development, CHG is focused on establishing properties in Greater China, Southeast Asia and the Americas. For more information, please visit: www.cachethotelgroup.com.
About Cabo Villas Beach Resort and Spa Development Group:
The Cabo Villas Group is led by President & CEO Christopher Erickson, Ilda Ledesma Martinez, Jed Erickson and Claudia Erickson. The Erickson family is onsite every day and personally involved in every phase of the operation and development. The company is a combination of Mexican hospitality and Midwestern work ethic, and, structured with 12 specialized corporate divisions, strategically designed to manage and develop every aspect of the resort to its fullest potential. The Cabo Villas Group has earned its reputation the old-fashioned way; hard work and dedication are key, as well as its ability to successfully master the art of resort development through attention to quality, detail, and customer service. These values are supported and carried out each day by the most loyal staff in the industry.
About Banco Sabadell：
Banco Sabadell is currently Spain's fourth largest bank with over 2,760 offices and approximately 26,000 employees worldwide. The bank's total assets surpass $212 Billion Euros and have been operating since 1881, Banco Sabadell, whose headquarters are in Barcelona, has become a leading franchise in the financial markets for international businesses and businessmen and women.
Since January 4, 2016, Sabadell has been licensed to operate as a Multiple Institution Bank in Mexico. In terms of credit portfolio growth for corporate banks and companies, the entity has increased the growth expectations of its volumes. In addition, Banco Sabadell has a mounted credit for over $4 Billion MXN in Business Bank and over $29 Billion MXN in Corporative Bank, within a concentrated portfolio of companies from Tiers 1 and 2 with high credit ratings. Also, the bank has a prominent standing in the market, with over 200 collaborators and over six corporate centers, in locations such as Mexico City, Monterrey, Guadalajara and Cancún.
Banco Sabadell has a wide knowledge of the local market by being present in Mexico since 1991 with a representation office in the capital city. Some highlights include the bank's 20% participation in Banco del Bajío, which was maintained for 14 years and their operation, since 2014, of its SOFOM (multi-purpose financial institution) Sabcapital, now a top player in the corporative financial sector. It should be mentioned also that Banco Sabadell's current councilman, Jaime Guardiola, is an experienced banker that thoroughly knows the Mexican market.
About Rabago Architects & Consultants:
Rabago Architects & Consultants (RACO) was originally founded as a collaboration across disciplines of Architecture, Graphics and Industrial Design, combined with computer science, engineering and specialized construction, all manifested as Architectural Integration. Inspired by natural typographies, computational design and applied sciences, RACO seeks to project the natural process of development, evolution and integration of design, manifesting the filter and the dominant expression of each of the disciplines involved in the process.
Founded by Executive Chef Paul Wahlberg, celebrity brothers Mark and Donnie Wahlberg and other investors, Wahlburgers debuted in October 2011 in Hingham, Mass. The subject of an A&E reality show, Wahlburgers offers a fun, casual music-filled atmosphere where guests, like family, share great food, a few laughs and lots of love. While its interior décor is filled with photos and memorabilia celebrating the Wahlberg brothers' life journeys from Dorchester, Mass. neighborhood kids to rising chef and international superstars, Wahlburgers makes food the REAL star. Crafted by Chef Paul and served with heart-felt hospitality, menu selections include chef-inspired freshly ground beef burgers served on fresh baked buns, crispy fries, onion rings, tater tots and sweet potato tots, along with tasty housemade sauces and thick, creamy frappes. While burgers are the restaurant's specialty, guests will enjoy delicious fish and vegetarian options, a variety of fresh-cut salads, and gluten-free buns and lettuce-wrapped burgers and sandwiches upon request. Wahlburgers' full bar is a popular gathering spot featuring an impressive selection of adult frappes, cocktails, wines and beers including the signature Wahlbrewski – a Harpoon Brewery custom, unfiltered Pale Ale. Dedicated to giving back, Wahlburgers is active in every community it serves. Open daily for lunch and dinner, Wahlburgers offers fast casual and table service. Wahlburgers currently has restaurants in seven states (Florida, Massachusetts, Michigan, Nevada, New York, Pennsylvania, and South Carolina) and Canada. For locations and more information visit: wahlburgersrestaurant.com.