Mexico Takes Over Bankrupt Loreto Bay Hotel, Golf Course
 Rodriguez Navarro - El Universal
| | Bird's eye view of Loreto Bay (fooldog.com) | |
Due to the suspension of activities of the Loreto Bay tourism project, following the announced bankruptcy of the TSD Loreto Partners company, an affiliate of Citigroup, Mexico's National Tourism Development Fund (FONATUR) will take over operations of the hotel and golf course at the Baja California Sur destination.
According to Miguel Gomez Mont, Fonatur's Director General, a no cost contract (comodato) for both properties has been given to Fonatur, in coordination with the state government and the municipality of Loreto, so that the hotel and golf course will be available to tourists before the month is out.
Gomez Mont said that until the project can be sold to new investors who are interested in the continuation of the development, the federal government, through Fonatur, will be in charge of the main promotional activities so that Loreto Bay will continue as a tourist attraction, source of employment, and an added value investment opportunity.
Gomez Mont expressed optimism that with the reopening of operations, after having been closed for a month, besides the opening of new airline routes and the interest of low cost air carriers to serve the destination, the local economy will begin to recover.
The suspension of Loreto Bay came on top of the cancellation of the Loreto Paraiso project, promoted by the Spanish real estate company Fadesa. Loreto Paraiso went under last year when Fadesa entered bankruptcy.
Baja California Sur Governor Narciso Montano, y Loreto Mayor Yuan Yee, added that this tourism center has been hard to get off the ground, considering the international financial crisis, the flu alert, the suspension of commercial flights, and the closing of the two tourism projects. |
Vallarta Weddings
Puerto Vallarta Real Estate | July 2009 
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