JAMAICA REAL ESTATE NEWS  -  JAMAICAN NEWS - PROJECTS


Sangsters Jamaica Real Estate

Home - Jamaica Real Estate News / Projects / Stories


HOME - NEWS

SALES

PROJECTS

FINANCE

TOURISM

ECONOMY

SERVICES

GENERAL

 

Jamaica News - Real Estate - Projects
Source: Jamaica Observer, October 2, 2005
Grupo Pinero hotel starts this week
The Spanish leisure company, Grupo Pinero, will formally break ground on October 7, for the first of three hotels it plans to build over the next three years on beachfront property at Peartree Bottom in St Ann.

Grupo Pinero's executive chairman, Pablo Pinero and Prime Minister P J Patterson will turn the sod to start the one-year construction of the 600-room hotel, the latest development in the so-called Spanish invasion of Jamaica's tourism industry. The property is expected to be opened by November next year, just in time for the start of the winter tourist season.

Overall, Grupo Pinero plans to build just under 1,000 hotel rooms in Jamaica on the 200 acres of prime real estate it bought in mid 2003 from the local construction firm, TankWeld Ltd.

The Spanish firm, which operates in its home country as well as Mexico, the Dominican Republic and Cuba, is expected to invest about US$200 million on its Jamaican properties. The second of the hotels, for which construction is to begin next year, is to be ready by the fall of 2007, officials say.

Spanish hotel companies have recently been making a rash of investment in Jamaica as they expand their Caribbean portfolio. For instance, RIU is substantially advanced on a 600-room property at Mammee Bay in St Ann, having built two other hotels, with a total of 842 rooms, in Negril.

Two other Spanish groups, Iberostar and Barcello also have major hotel properties on the drawing boards, for which some are to break ground soon.


Back to top

l Home - Real Estate News l Sales l Projects l Finance l Tourism l Economy l Services l General l
| Home - SANGSTERS REALTY |