TRG Property Sales

Financial Information

Find out more about why our business model provides a stable environment in which to develop consistent and profitable growth.

The Resort Group’s business model is able to generate income from three revenue streams:

  • Operation of hotels, including minimum guaranteed revenues and occupancy rates from tour operators
  • Sale of new build developments through fully regulated investment products and cash sales
  • Commercial activities e.g. beach club, boutiques, food and drink sales and non-lodging activities.

The Resort Group PLC has a diversified range of institutional funding sources including listed products. Investments of this type into TRG, are made through fully regulated routes via third party introducers and Independent Financial Advisers (IFAs) regulated by the Financial Conduct Authority (FCA), typically using model investment portfolios from FCA regulated Discretionary Fund Managers (DFMs).

In addition, The Resort Group also offers its Resort properties on a freehold purchase basis, including attractive off-plan incentives and an on-going assured level of return.  For more information, please visit

In December 2016, ARC Ratings S.A. assigned The Resort Group PLC a ‘BBB-’ corporate issuer medium and long-term rating with a Stable outlook, based on the strength of its business model, partnerships with international hotel brands and low leverage.

ARC has also assigned a ‘BBB+’ rating with a Stable outlook to the secured notes programme issued by Escher Marwick PLC under the series known as “Escher Marwick Series 2016-4 Listed Notes” and to Audley Funding PLC under the series known as “Audley Funding Series CI1 6% Listed Notes”.

Both of these exchange-traded products (ETPs) securitise note holders by acquiring interests in hotel rooms, suites and apartments from The Resort Group in Cape Verde. The ETPs are listed on the General Exchange Market of the Irish Stock Exchange and the Channel Islands Securities Exchange, both with secondary listings on the Frankfurt Stock Exchange.

It was noted that these enhanced ratings were due in part to the significant recovery position of the aforementioned listed notes brought about by the underlying commercial strength of The Resort Group PLC. The European Commission accords ARC the same mapping for its ratings as it does for Standard & Poor’s, Moody’s Investors Service and Fitch Ratings. As a result, ARC’s ratings can be used for capital relief purposes under the standardised and ratings based approach, as well as under Solvency II.