AC Hotels JV With Savings Bank Subsidiary

ALLARIZ, SPAIN— As noted in a recent edition of HVS International’s Hospitality E-News, AC Hotels has reportedly paired up with Corporacion Financiera de Galicia, a wholly owned subsidiary of Spanish savings bank Caixa Galicia, a 50/50 joint venture called AC Desarrollo de Hoteles. It was noted the new partnership’s first move will be to co-invest in the construction of a 100-room spa hotel here, slated to open by the end of 2003. A number of other locations (for four-star hotels) have similarly been targeted by the partnership, with the goal of the joint venture ultimately being a portfolio of some 600 rooms by the end of the next four years.