In 2008, Kronos Hotels and Resorts and its CEO, Charles Morais, were the toast of the industry.
The Malaysian-born entrepreneur's acquisition of eight hotels for $45 million in May raised the Atlanta-based company's holdings to 36 properties in 10 states with an asset value of $250 million.
And that deal came on the heels of a $62 million purchase of 16 hotels in June 2007. One of the hotels was the former Holiday Inn at 521 Greenfield Road in Lancaster.
Following that purchase, Forbes magazine predicted Kronos could become a major hotel owner and operator both nationally and worldwide.
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Sunday, May 9, 2010
Jamaica favoured by hotel financiers
International financiers see Jamaica as a top destination for hotel developments and are willing to back investors rolling out projects here, a new KPMG survey has found.
The institutions surveyed have a total exposure to the industry in the region of over US$2.58 billion and are physically represented throughout all major English and Spanish-speaking countries, the Dutch Caribbean and Central America, the auditing and research company said.
The findings of the KPMG 'Caribbean Region Financing Survey', released Wednesday at the Caribbean Hotel and Tourism Investment Conference in San Juan, Puerto Rico, placed Jamaica in the top three most-favoured investment destinations, according to KPMG partner Simon Townend.
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The institutions surveyed have a total exposure to the industry in the region of over US$2.58 billion and are physically represented throughout all major English and Spanish-speaking countries, the Dutch Caribbean and Central America, the auditing and research company said.
The findings of the KPMG 'Caribbean Region Financing Survey', released Wednesday at the Caribbean Hotel and Tourism Investment Conference in San Juan, Puerto Rico, placed Jamaica in the top three most-favoured investment destinations, according to KPMG partner Simon Townend.
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Fiesta plans $180M expansion of Jamaica resort
Jamaica says Spain's Fiesta Hotel Group plans a $180 million resort expansion that is expected to create 2,000 jobs on the island.
Tourism Minister Edmund Bartlett says construction of 800 luxury suites at the Grand Palladium Jamaica Resort & Spa in northwestern Jamaica will begin by September.
He said Friday that Fiesta also plans to build a 3,100-square-foot (290-square-meter) convention center near Montego Bay.
Jamaica's crucial tourism industry was hit hard by the global economic crisis but has rebounded somewhat this year. Tourist arrivals rose an average of 6 percent in January and February compared to the same months in 2009.
Tourism Minister Edmund Bartlett says construction of 800 luxury suites at the Grand Palladium Jamaica Resort & Spa in northwestern Jamaica will begin by September.
He said Friday that Fiesta also plans to build a 3,100-square-foot (290-square-meter) convention center near Montego Bay.
Jamaica's crucial tourism industry was hit hard by the global economic crisis but has rebounded somewhat this year. Tourist arrivals rose an average of 6 percent in January and February compared to the same months in 2009.
