MADRID NH Hoteles SA will expand its Latin-American business during 2001 by opening hotels in Brazil and Mexico in ventures with local partners, Expansion newspaper said, citing Gariele Burgio, the companys chairman.
The hotel chain is planning to buy eight hotels in Sao Paulo during the first quarter of 2001 and is in negotiations to acquire Mexican hotel chain, Krystal, for 10 million euros ($9.3 million), the paper said. NH plans to continue expansion in the region despite lower-than-expected results this year from its 70 million-euro investment in Argentina. The report did not state the amound of investment the hotel chain will make in Brazil and Mexico. (12/27/00)
SOURCE: Bloomberg News