Spanish Hotel Group NH Hoteles Plans to Invest More Than $45 Million in Mexico Over Next 4 Years
Spanish hotel group NH Hoteles said Thursday it plans to invest more than US$45 million (euro34.55 million) in Mexico over the next four years.
"We're betting on Mexico in a big way," Isabel Aguilera, operational director for NH Hoteles, said at a news conference held to show off the chain's newly renovated hotel in Mexico City's Zona Rosa neighborhood.
NH Hoteles acquired the locale when it bought out Mexican hotel chain Krystal in 2001. Renovation of the 302-room hotel cost US$6 million (euro4.61 million.)
To date, the company has 14 hotels and 3,000 rooms in Mexico, making it the country's fourth-largest hotel operator.
NH Hoteles targets business travelers in urban locales. However, its entry into Mexico through the acquisition of Krystal has given the chain several beach-front properties.
"We understand that there are things like conventions in beach destinations, but it's not our principal focus," Aguilera said.
The chain has three new Mexico projects planned for the next two years: a 107-room hotel in Mexico City's historic downtown, a 128-room locale in Puebla's historic center, and a 135-room hotel in the upscale Mexico City neighborhood of Sante Fe.
Those projects, combined with existing investments, should raise the number of NH Hoteles' rooms in Mexico to 5,000 by 2008 and bump the company's total investment in the country up to US$155 million (euro119.01 million.)
NH Hoteles is one of the largest hotel operators in Europe, with sales of euro870 million in 2003. Spanish travelers account for about 40 percent of its sales.
Several other major hotel chains have wagered on urban locations in Mexico in recent years, with Starwood Hotels & Resorts Worldwide, Inc., having opened both a W Hotel and a new Sheraton in Mexico City recently.
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