Real Estate
Luxury hotel to open in San Miguel Allende
Los Angeles Times - An ultra-luxury hotel resort, the Rosewood San Miguel de Allende, is set to open in the historic city in central Mexico early next year. Reservations are being accepted for stays beginning Feb. 1. Under a grand-opening package, rates begin at $295 per night.
travel.latimes.com/daily-deal-blog/index.php/mexico-rosewood-hote-7454/
Slim: Despite insecurity, entrepreneurs stay in Mexico
La Jornada - Mexican entrepreneurs are still working and living in the country despite the unsafe conditions, Carlos Slim noted while announcing that his $750 million Plaza Carso housing, cultural and office development in Nuevo Polanco will open in November. He said job creation and a strong economy will help defeat the drug cartels.
Metrofinanciera seeks bankruptcy in U.S.
Bloomberg - Metrofinanciera, a closely held provider of mortgage loans in Mexico, has sought bankruptcy court protection from U.S. creditors. The company, based in Monterrey, listed both debt and assets of more than $500 million in Chapter 15 documents.
Puerto Vallarta has yet to see tourists return
Informador.com.mx - Puerto Vallarta has yet to experienced a recovery in tourism so far this year, registering a pace of growth that is four percentage points behind last year. July ended with a 64.4 percent hotel occupancy, compared with the 68 percent recorded last year.
Fund for Mexican real estate raises $293 million
Market Watch - Prudential Real Estate Investors announced Wednesday that qualified investors have invested $293.3 million (3.69 billion pesos) in PRUMEX Industrial III, a fund created to invest in industrial real estate throughout Mexico. www.marketwatch.com/story/prei-latin-america-raises-more-than-290-million-for-mexican-industrial-strategy-2010-08-24
Opponents hail halt to Cabo Pulmo resort
La Jornada - Mexican and foreign environmentalists are applauding Semarnat's recent denial of a permit for a huge resort and marina development in Baja California Sur that opponents contend will cause harm to the Cabo Pulmo area and, especially, marine species in an adjacent reef area. They predict the temporary halt will be made permanent.
Geo invests $190 million for Chiapas housing
Sentido Comun - Corporación Geo, one of the leading homebuilders in Mexico, said it has begun operations in the state of Chiapas with an investment of 2.4 billion pesos ($190.44 million) for its Montebello housing project with 7,732 units for lower-income families.
Urbi reaffirms alliance with Cemex
Sentido Comun - Urbi Desarrollos Urbanos, the second housing builder in Mexico, has reconfirmed its 11-year alliance with troubled cement company Cemex to create and build new opportunities, especially in new modeling and vertical housing construction projects.
IHOP to open restaurant in D.F. World Trade Center
Sentido Comun - IHOP, a family-style restaurant chain with more than 50 years of operation in the U.S., announced the opening of a new branch within the World Trade Center or WTC in Mexico City, the third IHOP in the Valley of Mexico and Morelos in the last three years.
www.sentidocomun.com.mx/breves.phtml
Afores on track to double private equity investment
Reuters - Mexican private pension funds are on track to more than double their investment in private equity this year after placing roughly $460 million with real estate and debt funds this month. The 14 pension funds, known as Afores, might allocate 8 percent of their roughly $100 billion in assets to "capital development certificate."
