Mauritian tycoon Hector Espitalier-Noel’s New Mauritius Hotels obtains approval to enter into $22.3-million facility

New Mauritius Hotels Limited, a Mauritius hotel and resort operator managed by multimillionaire Hector Espitalier-Noel, has received shareholder permission to enter into a €19.75-million ($22.36 million) credit facility.

The action, which follows its communique dated on Dec. 15, 2021, brings the hotels and resorts operator closer to obtaining millions of dollars in capital to finance working capital needs, pay off existing debts and support general corporate costs.

The company’s $22.36-million credit facility will be ranked with existing notes under its MUR6-billion ($136.9 million) multicurrency note program dated Oct. 9, 2017, and the price supplement dated Oct. 30, 2017, as amended.

The Mauritius-based firm stated that the facilities in which it plans to enter in November 2022 will also be ranked tranches of its outstanding MUR6 billion ($136.9 million) multicurrency note.

Experts believe the credit facility will be used to fuel the hotel and resort operator’s ambitions for strategic expansion through substantial restoration and development projects, such as the Les Salines Resort project, which was halted in 2020 due to operational interruptions.

Nearly six days ago, the

Espitalier-Noel-led firm announced a profit of MUR548 million ($12.5 million) in the second quarter of its 2022 fiscal year, reversing losses reported in the same time in 2021.

In comparison to the previous year, the hotel operator was able to generate a profit of MUR548 million ($12.5 million), up from a loss of MUR621.5 million ($14.2 million) at the end of the second quarter of its 2021 fiscal year.

Earnings growth may be linked to a rise in sales as a consequence of the company’s recent development of operations in Mauritius, Morocco and Seychelles.

New Mauritius Hotels has been the pioneer and leader of the Mauritian tourist business since the establishment of its flagship resort, Park Hotel, in 1952. Its portfolio has grown to nine properties over the years under Espitalier-Noel.

Its resort portfolio also includes the iconic Royal Palm Beachcomber Luxury Mauritius, which first opened its doors in 1985, and has since become a benchmark destination for luxury vacations in Mauritius.

Shares in the company were worth MUR7.48 ($0.171) as of press time, 6.5-percent less than their opening price on the local bourse yesterday, Feb. 14. Its market capitalization is MUR4.1 billion ($93.5 million).