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.
|