Business Services Industry
Posadas to invest US$240mn in hotels.
Internet Securities, January, 2004
MEXICO CITY, Jan 23, 2004 (Cronica/Corporate Mexico by Internet Securities, Inc. via COMTEX) -- Hotel chain Grupo Posadas will invest between US$230 million and US$240 million in the construction of 12 hotels this year, three of them in Brazil and nine in Mexico.
Gaston Azcarraga, president of the group, said that with the projects, some 1,000 jobs would be generated and he added that Grupo Posadas had registered 62% hotel occupancy in 2003, slightly superior to 2002.
Perspectives for 2004 are positive and hotel prices are expected to be maintained. In 2003, hotel tariffs dropped by between 3% and 5%, which directly affected income.
"We are projecting a competitive year and we expect prices to remain at more or less the same levels," said Azcarraga and...
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