Hotel chains seek Baja California to invest

21/12/2010 20:22 Tourism companies from Mexico, Spain and the United States plan to invest $11 billion dollars in 8 private developments to be built in La Paz, Baja California during 2011. Reports of the Secretariat of Tourism indicate that this is a project of hotels and apartments that will strengthen the tourism real estate sector investment in the region for the next year. With these developments, the government agency expects that construction of tourism real estate will recover, since in the first half of 2010, investment in this line fell by 43% over the same period of 2009. The amount of investment made in the first six months of this year was of $670 million dollars, while a year before it reached $1,186.48 billion. In 5 of the 8 entities listed by SECTUR as beach resorts, private investment also recorded falls of up to 75% over the same period in 2009. In addition, SECTUR announced that the Spanish hotel chain RIU confirmed the construction of 12 hotels in various parts of Mexico, but without investment amounts. The expansion of the Spanish firm in Mexico will take 12 to 18 months, according to the official agency. Interest of the firm in having presence in cities like Guadalajara, Sonora and Mazatlan is already known.