Zuana Beach Resort in Santa Marta, Colombia is structuring Latin America's first securitization of timeshare sales. The five-star resort will transfer 70% of its time-sharing weeks to an SPV and will issue P50 billion ($25 million) through the Bolivar Group.

The offering has a financial guarantee from German insurer Munchen Ruck and was rated triple-A on the local scale by Duff & Phelps Credit Rating Co.

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